Potential buyers are looking at foreclosures, waiting for prices to drop and trying to time the market, which may be risky. "In general, it is very difficult to time the market," said Raphael Bostic, associate director of the University of Southern California's Lusk Center for Real Estate. "The real problem with that is you don't know when the floor is until after it's passed. If the floor is right now, you missed it."
http://narblog1.realtor.org/mvtype/housing_market/
Housing sales rebounded in may by 4.7%. The fact of the matter is simply that there is to much money involved to allow the crash to happen, but for first time home buyers this creates a real and very scary problem. Banks are being very Conservative about loans, but remember there is help in finding and buying on foreclosures.
A Great article going into detail is located here http://housingbubble.blogspot.com/
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