We are finally beginning to see the seeds of a bottoming…company after company has been raising capital and they are getting far more than they expected.
Alan Greenspan

National Association of Realtors
—Prices down 14% in Q1: down 18% in Jan, 14% in Feb, and 12% in Mar.
—Home sales down 6.8% from a year earlier, to a SAAR of 4.59mm in Q1
—Cape Coral-Fort Myers, down 59% YoY
—San Francisco, down 43% YoY

We are very much in a bifurcated market with sharp differences between foreclosures and short sales on one hand, and traditional homes on the other…In areas with the biggest price declines, we also see much higher levels of distressed sales which are distorting the data.

Lawrence Yun, chief economist, the NAR.

I do think we have some early signs that the market overall is stabilizing. Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.

Shaun Donovan, Secretary for Housing and Urban Development at the NAR conference