Here is a great update from the National Association of Realtors. Some highlights include:
- There is an elevated level of “Shadow Inventory” looming over the market. Shadow Inventory are foreclosed homes that banks are currently holding and are not on the market.
- Existing home sales – 5.36 million nationally – were slightly higher from forecasted levels
- If they stay on that pace then home sales could increase 8% over 2010
- The fundamentals of a recovering real estate market are: Job growth, housing affordability and rising rent. Keep an eye on them.