A recent quote on CNN Sunday by Shaun Donovan, HUD Secretary, has caused plenty of turmoil in the real estate industry. After stating that a restoration of the homebuyer tax credit is "not off the table" and that it is "too soon to say" if the tax credit would be revived, Donovan's remarks sparked controversy among real estate professionals.

HUD spokesperson tried to back pedal yesterday by claiming that "There are no discussions underway to revive the credit." However, just the talk of a revision could cause the home sales to stall even further. The existing home sales in July showed a drastic decline, and if the figures for August are anything like July's a push for Government interference could certainly rise. The Pending Home Sales Index will be released by the National Association of Realtors (NAR) on Thursday, September 2, 2010.