Which way is the market moving?

Is the real estate market really picking up or are we heading toward another crash? Obviously it depends on which news channel or newspaper you are reading at the time, but the news is conflicting. It appears that the homeowners that were saved by the mortgage modifications may be in danger of facing foreclosure again. Interest rates have risen and the extensions given to these home owners are running out. We already have 10 months of inventory on the market which is not considered to be stable. It is entirely possible that we could see another round of foreclosures in the near future. On the other hand, the Nashville market is up 22% over July 2008, a sign that we may actually have hit bottom and are headed back up.

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