All in all, home sales continue to stay weak as home sales of previously-occupied homes were down by 18% over last years already down numbers but the recent data regarding sales of foreclosed homes is a good sign for the housing and real estate market.

Sales are up in the areas that have been hardest by foreclosures and falling real estate prices…

Areas such as Las Vegas, Nevada, Sacramento, California and Detroit, Michigan are leading the way in foreclosed home sales.

According to the Wall Street Journal, the inventory of foreclosed homes held by lenders is hovering around half a million!

Many lenders have been holding on to their foreclosed properties to avoid slashing prices and to avoid huge losses but apparently the tide is turning somewhat as more and more lenders are unloading foreclosed properties at dirt-cheap prices

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The National Association of Realtors released a statement saying that median home prices were down in 100 of 149 metropolitan areas during the first 3 months of this calendar year…

On a national level the median price of an existing single family home for the first 3 months of the year was $196,300 according to the report.

To give you a frame of reference, the median price of an existing single family home for the first 3 months of last year was $212,600…

This report comes out a little late however as there does appear to be signs of the real estate market bottoming out recently…

Maybe not so much that the real estate market is bottoming out but more like correcting itself afters years of inflated home values.

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