I am hopeful that we will see the market turn around this year at least with regard to volume if not price as well.  I am also hopeful we might see signs of strength FIRST in the market areas that crashed FIRST. 

The Midwest, and particularly a circle that includes Detroit Michigan, SE Michigan, and NW Ohio was hit first, and was hardest in many ways.  Overheated markets like Florida and West Coast areas, have provided some stellar examples of market balloons, and should be considered in their own merit.  But the heartland of America was never over-inflated by the market dynamics that affected these balloon markets.  The heartland crashed before the nationwide crash.  For this important reason, the midwest may be a good bellweather state as far as predicting the nationwide real estate market recovery.  Please remember that this area led the nation in foreclosures back in 2006 and early 2007.  The area is now showing some signs of life according to the otherwise dismal report from the AP - quoted below.  

Yes, I know that the economists are saying we won't recover for another 1-3 years...  but I also know that even our Ex Federal Reserve Chaiman (Greenspan) did not see the housing market crash coming, and failed to forecast it's severity with any accuracy.  He was the best of the best...  "The Economists" as a group also said, at the end of 2006, that the market would recover in 3rd or 4th quarter 2007.  So far they are 100% WRONG. 

So, when they now project another 1-3 years of decline...(including current Federal Reserve Board Chairman Bernanke)

I CALL THEM ON IT and predict they are wrong - again. 

Here is hoping, for all my agent friends - that I am right : ) 

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EXCERPT BELOW FROM AP NEWS Economics Writer Martin Crutsinger, Today's Date:
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Existing Home Sales Hit 9-Year Low
Monday, February 25, 2008 10:25 AM EST
The Associated Press
By MARTIN CRUTSINGER AP Economics Writer

WASHINGTON (AP) — Sales of existing homes fell to the lowest level in nearly a decade in January while the median price for a home dropped for the fifth straight month.

The National Association of Realtors said Monday that sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units, the slowest sales pace on records going back to 1999.

The median price of a home sold in January slid to $201,100, a drop of 4.6 percent from a year ago.

The drop in sales and the fifth consecutive decline in prices underscored the continued pressure facing housing, which is struggling to emerge from its worst slump in a quarter-century.

Sales were weak in all parts of the country except the Midwest, (emphasis added) where sales posted an increase of 3.4 percent. Sales dropped by 3.6 percent in the Northeast, 2.1 percent in the West and 0.5 percent in the West.

READ ENTIRE ARTICLE at  http://www.newsvine.com/_news/2008/02/25/1324002-existing-home-sales-hit-9-year-low