June Home Sales - Oh boy

June home sales came out and they were not pretty.  Again, not a big surprise here, but it seems to still confuse people.  This year will be the worst pace for home sales since the bust started and we have had foreclosures delayed for almost a year! We have a long way to go my friends.  When that new inventory of foreclosures hits the market soon, it will cause more stagnation in the market. 

One interesting aspect is that a year or so ago, everyone though home prices would stabilize this year or late this year...Now the word is "at least 2013."  I can't say when it will, but I feel very confident that barring a massive amount of home sales removing all that inventory, it will be a while.  Remember, we still have the high unemployment. Without jobs and with uncertainty for people who currently have jobs, there is less of a desire to take on a new or bigger mortgage.