I get asked every day the same or a similar question..where do you see the housing market going? In my opinion the real estate market is a regional phenomina. Houses in Florida are not going to sell for the same price as we will net in Arizona. As I am only licensed in AZ I can offer expertise for my state only.

In my opinion though, keep your eyes on the Florida housing market, it is the hardest hit state for foreclosures, insurance claims etc. Once the housing stabilizes there  it will be the indicator for the entire country that recovery is underway.

Arizona however since it was hit first, shall recover first and if you ask me and many others, we hit the bottom of the market in Oct 08. That being said we have plenty of inventory to yet absorb, in March 09 we had over 8,000+ resale homes sold (70% were foreclosures and short sales) compared to a year ago 08 2,400+ homes were sold. A very good sign indeed.

I would say there is great opportunity to Buy Homes at ridiculous prices and low interest rates for the next 9-12 months or so, after that the sellers will finally be able to sell and the sellers market will start to ramp up.