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Practitioners Taking Cautious View of Market

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Real Estate Agent with Berkshire Hathaway HomeServices Professional Realty 200039

 A real estate technology company surveyed its clients and found their confidence in the market is dropping. Point2 Technologies' National Real Estate Confidence Index, based on 1,255 clients surveyed in July, declined almost 9 percent to 5.24 on a 10-point scale with 10 reflecting optimism. The pessimism is the result of "unabated pricing pressure caused by foreclosure and pre-foreclosure properties; a general sense that shadow foreclosure inventory is significant and could materially prolong current market conditions; a persistent, tough job market keeping more potential buyers on the sidelines; and the expired federal tax credit program that many respondents felt was a key catalyst to market activity,” Point2 said in a statement. [Editor's note: The findings line up with the REALTORS® Confidence Index, which NAR updates monthly based on member surveys.] Source: Point2 Technologies (08/04/2010)