Whether or not you agree with the First Time Home Buyer tax credit, the Obama administration through Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan has called for the credit to be extended.

Such support from the administration may very well be sufficient to pass the extension. Evidently, the tax credit is seen as a critical to continue the jump start of the economic recovery.

It still seems to me that the tax credit is not doing much in the way of creating new buyers, and that it mostly takes from from future sales. But the recent and unexpected drop in home sales appears likely to push through the tax credit extension.

Udate: Bloomberg article describes building momentum for extension and for expansion of the tax credit.