Greetings neighbors,

 Although the real estate industry has taken a beating, there is hope for full recovery. According to economists, the industry should reach recovery in 2013.

With factors such as foreclosure, shadow inventory, negative equity, and high unemployment, chief economists' in the real estate industry believe it will take at least 3 years before the market witnesses a normal balance.

It is predicted that home prices will continue to fall this year by an additional 1 to 3 percent hitting bottom during the 3rd quarter. In addition, relatively flat prices are expected with home prices experiencing a slight decrease struggling to keep up with inflation.

In April, twice as many homes were placed on the market than sold ultimately leading to an increase in foreclosure volume which is expected to reach its peak later this year.

One sure thing in relation to the recovery of the market is, only time will tell.