Thankfully, No Action on Homebuyer Tax Credit

The Obama Administration has indicated that they're unlikely to renew the Homebuyer Tax Credit at this time despite worse-than-expected July sales numbers. 

It's my opinion that all the homebuyer tax credit did was temporarily prop up the sales by robbing another time period of its sales, which we're seeing with the drop in July numbers.  People who want to buy homes will still buy homes-they just rushed to do so before the tax credit expired.  I'm not sure that the tax credit ever did any good other than trying to give the economy a tiny boost.  Instead, they're going to try other things:

Donovan said the administration would be rolling out two tools in the coming weeks to help homeowners: a Federal Housing Administration refinancing effort to help borrowers who are underwater, and an emergency loan program for unemployed borrowers.