Review:  The market peaked in March due to the expiration of the federal home buyers tax credit.  Since that time servicers have become more aggressive with better loan modification options, principal write downs and also moving forward with foreclosures if it seems inevitable.  Servicers are re-evaluating loan mod applications and even offering to keep borrowers in their own properties as tenants.  Predicting the market direction is hard these days.  Low interest rates will entice some to move forward with purchases and if government provides additional incentives it could get sales up again.  We will see a strong foreclosure and short sale market for many more years but since the banks are regulating inventory it is not clear what direction prices will go in.  The only absolute is that people need jobs to buy houses.

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