Federal officials are very concerned about the July numbers for people purchasing real estate.  The drop could be an indicator that the housing market is teetering on the edge of another massive drop in the real estate market.

As a result, there is again discussion on reviving the home buyer tax credit, but the Obama Administration has not yet moved forward on that plan. Instead, relief is being given in the form of refinancing programs along with an emergency loan program for the unemployed, according to MSNBC.com.

“It’s too early to say whether the tax credit will be revived,” [Housing and Urban Development Secretary Shaun] Donovan said in an interview on CNN’s “State of the Union” program. He said the administration would “do everything we can” to stabilize the shaky U.S. housing market.

Relief at this point would be welcomed by possibly one out of ten home owners, real estate agents included!