Since the US housing bubble has burst, it's been a buyer's market. With home values dropping around the country, many potential sellers are in a bad position. Owning more on their mortgage than their home is worth, they are under water.
The 2008 real estate market was a wash. By the December of 2009, property values will have plunged up to a quarter in value. Though the market is stagnating, we may see recovery as early as 2010. Paul Krugman of The Economist and The New York Times predicts the market will finally emerge from its recession in 2011. That is when consumer spending, economic growth, and job creation, and is expected to (at least slightly) improve.
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