June and July are usually busy months for Realtors(R), but many factors have slowed the market. Key reasons for increased pessimism among real estate agents and brokers included "unabated pricing pressure caused by foreclosure and pre-foreclosure properties; a general sense that shadow foreclosure inventory is significant and could materially prolong current market conditions; a persistent, tough job market keeping more potential buyers on the sidelines; and the expired federal tax credit program that many respondents felt was a key catalyst to market activity but that also accelerated buying in the first half of the year possibly at the expense of the remainder of 2010.
A firm lending environment was another critical and ongoing contributing issue cited by RECI respondents in most states.

Investors are gearing up to take advantage of this market......