Home sales were up in February

More data is rolling in that potentially suggests recovery in the real estate markets.  However, once again, I remain skeptical that this data points are anything but random variations driven by such factors as massive foreclosure and not anything that suggests recovery.

The median home prices was fairly stable at $165,000 relative to $164,800 in January (this are national figures).  On a year to year basis, prices were down 15.5% from $195,800 a year ago.

The price drops may be slowing for the moment, but I fear that with layoffs and income reductions (through salary cuts, reduced benefits, reduced hours, etc) home buying is not on the minds of too many people right now.

I’ve seen through a variety of sources that another 20% drop in prices is forecast before we find the bottom.