Maybe not the bottom bottom,m but we are seeing in this area of the country is the inventory of GOOD QUALITY Resale homes (REO/SHORT SALE and TRADITIONAL) is at a low and buyers are feeling like its less of a buyers market and more like it's a sellers market (even if the seller is the bank )
The federal government's gauge of home prices rose in January for the first time in 10 months.
The Federal Housing Finance Agency reported Tuesday that home prices increased 1.7% in January from the previous month, though they are still down about 10% from their April 2007 peak. The government noted that sales in January were "relatively low," which could skew the result.
![[Home Prices Rose in January]](http://s.wsj.net/public/resources/images/NA-AW700A_ecoSn_NS_20090324213241.gif)
The gauge reflects only homes with mortgages backed by Fannie Mae and Freddie Mac and excludes homes backed by subprime loans and the high-cost "jumbo" mortgages often used to finance the most expensive homes.
Analysts were cheered though skeptical of the report -- which hasn't reflected as much volatility in the market as other gauges -- and are looking to see whether next week's S&P/Case-Shiller index will show a similar increase.
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