THQ has made it clear that they've got big plans for Homefront. But when the publisher closed down Kaos Studios—the developers of the first Homefront—those plans became less... apparent. Taking the reigns of the Homefront franchise, at least for the time being, will be Crytek, who have been hired by THQ to develop a Homefront sequel.
Crytek is most widely known for the Crysis franchise, but it's their UK studio, formerly known as Free Radical, that will be taking on the development of this Homefront sequel. Free Radical was responsible for TimeSplitters, and the abysmal but overly-hyped PS3 exclusive Haze. Most recently, Crytek UK developed Crysis 2's multiplayer modes.
The Homefront sequel, which we take won't be called Homefront 2 considering they keep referring to it as a sequel only, is currently planned for a release in 2014 fiscal year.