The last three years have seen sharp decline in the housing prices. Many of the declines have bottomed out markets and some local areas simply fell to the bottom and found they could go lower. Finally prices seem to be stabilizing across the board. What is good for the home buyer is the prices have stabilized on the lower end of the housing range. To this end, home buyers are coming back to the market place. This draw is being encouraged by low mortgage interest rates and an 8 thousand dollar tax credit that will expire at the end of November.

Starting in May of 2009 the Office of Federal Housing Enterprise Oversight (OFHEO) began to announce a steady increase in home prices over the previous month. It started with .09% and has continued to grow from there. One of the hardest declines was felt along the pacific coast, and recently they registered on the index with an increase of 2.7%.

An added benefit to the additional home sales is the improved price. At this point, reflecting on data released by the Department of Housing and Urban Development and the US Census Bureau, the increase is only 3.6% as of June 2009. These same resources have also identified an increase of new home sales by 11% the same month. This shows the foundation to a successful recovery period, which the United States housing market, is finally reaching.