It mattered not who you were, how much money you have or had, where you lived or what you do for a living, most all were affected by the longest Post War II recessions in history.

Many Buyers have taken advantage of great incentives, unbelievable prices and very manageable interest rates. Sellers who have actually sold in this market have taken tremendous losses and if they were not buying forward lost amazing amounts of equity and in some cases much more.

While many short of promise a better year in 2010 and whisper that the recession has come to an end, we who endured 2009 may not be as assured!

In our area Homes sales decreased from 2008 to 2009 by 4% and from 2007 to 2009 we had a 35% drop in home sales. The most interesting thing to note is that average sales price decreased by 15% in 2009 from prior year and 19% from 2007 to 2009. So the biggest decrease from 2007 to 2008 was the number of homes sold and from 2008 to 2009 it was the largest decrease in average sales price in my opinion largely due to distressed properties (see Chart below).