September 4, 2010

More Tax Relief for Home Owners and Home Buyers?

The Obama administration's top housing official says several new programs are in the works to help try to revive the housing market.

Housing and Urban Development Secretary Shaun Donovan said in an interview recently that his department in the coming weeks will roll out an FHA refinancing program to help borrowers whose mortgages exceed the market value of their homes. He also said the department will launch "an emergency homeowners loan program" to help people who are unemployed keep their homes.

Donovan said a drop in July home sales was expected with the end of the housing tax credit, but that the decline was "clearly worse than we expected." He said "it's too early to say" if the credit will be revived.

What do you think about possibly reviving the home buyer tax credit (or some form of it) ? Good, or bad, for the market? We'd love to hear your opinion. Just click the comment link below and tell us what you think.

Tags: foreclosures, real estate news, refinancing, tax relief

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