Will the Administration Bring Back the Homebuyer Tax Credit?

Home sales during the month of July were worse than expected and the buzz about a possible revival of the federal homebuyer tax credit has begun.

I meet with Gov. Charlie Crist, who is running as an independent for a Florida Senate seat on Friday evening, and asked him if he would be in favor of bringing the Tax Credit back. Gov. Crist responded that he would support bring the credit back and that it would be a big boost to the Florida economy.

On Sunday's CNN’s “State of the Union” program, Housing and Urban Development Secretary Shaun Donovan said.

“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,....We’re going to continue to make sure folks have access to home ownership,” When asked about the First Time Home Buyers credit, he said “All I can tell you is that we are watching very carefully,” “We’re going to be focused like a laser on where the housing market is moving going forward, and we are going to go everywhere we can to make sure this market stabilizes and recovers.”

Gov. Crist, also on the program said a reinstatement of the homebuyer tax break “would be a great lift” and “would stimulate the economy…[and] increase home sales in Florida.”

“People are hurting, and they’re looking for answers. And that would be a good one. I would absolutely encourage the president to support [another homebuyer tax credit],” Crist told CNN.

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