Housing Market Stablizing

Here in the Northern Virginia area, I'm seeing the housing market stablizing, prices are slowing coming up and we're seeing fewer foreclosure, but more short sales. Lenders are realizing that agreeing to a short sale is lowering their losses by reducing their costs associated with foreclosing and managing the property while it's marketed.

Will this recovery continue? That remains to be seen. The first-time homebuyer tax credit and expanded homeowner tax credit are certainly the reason the housing market has stablized and I believe extending this credit will help keep the market stable.