It appears that July 08 has offered us some positive housing market trends. There has been an increase in resales and new construction in most parts of the country.
Don't get too excited now. The market has lowered home prices due to the overwhelming number of foreclosures and short sales. With prices being so low, first time homebuyers have now entered the market.
This seems to me to be great news. Prices needed to level off. Prices could not have continued to soar, no one would be able to afford them.