Despite a few signs of recovery, US housing market is NOT out of the woods Yet

Today's New York Times article just described the current US Housing situation pretty well:

The housing market has shown signs of life recently. Home sales have beat expectations and pending sales neared a two-year high.

But prices — the crucial measure of housing-market health -- are still falling -- driven down by increasing levels of distressed sales of foreclosed properties. That means the market, and the broader economy, which derives much of its strength from housing, are not out of the woods — not by a long shot.

In these circumstances, if you need to sell your house, it'd be very hard to do so, especially in the Bronx or Brooklyn NY, where a lot of foreclosures are flooding the market.

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