It looks like existing homes for sale are where buyers are putting their real estate money these days.  With so many foreclosures on the market and prices continuing to fall, the NAR's July report was a much needed boost.  Lawrence Yun, the NAR's chief economist said momentum was building after July statistics were released.  Coupled with the stock market rally so far this year, many believe it may be only a matter of time before the US pulls out of the worse recession since the Great Depression.  So when will will we break the tight grip of the current recession?

My opinion might not matter but what I see for the next 12 months is a bleak fall/winter, with an unexpected rebound in late Spring 2009.  Expect home prices to drift even lower in the next 9 months.  Current lower prices have brought many back to the looking glass.  Another 3/4th of a year with lower prices enough to trigger a large group of wannabe home owners to take the plunge.

Historically low financing, even lower home prices and a desperate sellers should be enough to jump start the US housing market my mid-2010.

*Todd Covington is a professional Realtor in the Beaufort South Carolina real estate market.  His website provides in-depth local housing news, community information and the area's top trafficked site.  Todd specializes finding buyers their perfect Ladys Island home.  Call 843-441-9222 or visit Lowcountryproperties.com for assistance.