Over the summer much of the news about real estate pointed to a recovery. While prices were still falling the number of "pending" sales was on the rise. Most real estate professionals will agree that a large majority of the sales were due in part to the first time home buyers, I had a fair amount of move up buyers get into the market. This was in part to the incredible interest rates and the unprecedented opportunity to by low. Moving forward, I believe that home prices will continue to slide until the unemployment rates and consumer confidence rebounds. Laurie Goodman feels that we also have a fair amount of "Shadow Inventory" to work through that will keep home prices on the decline.
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