The National Association of Realtors is reporting a record 11.2 months of supply of homes on the market. Inventories in the 680 Corridor are mostly in the 4 to 6 month range.

Existing home sales nationally rose 3.1% in July over June's figure. The pattern of increased home sales suggests that much of the activity is occurring in parts of America where foreclosed homes are flooding the market and buyers are snapping up the deals.

Analysts at UBS are saying they don't expect a recovery in housing until mid-2009 and a Wachovia economist says, "We are not yet ready to call the current levels a bottom but clearly most of the declines are behind us."  Another housing market analyst says he thinks the market could easily sit at the bottom for at least a year.

The NAR reports new-home sales are projected to drop 8.8 percent to 464,000 in 2009 from 509,000 this year.

Homeowners hoping to wait it out until 2009 may have to wait longer. Another 5% drop in values and an interest rate hike of 1% could put a homeowner in a position of having to wait another two years to get what they could get today for the sale of their home.

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