Spring Outlook: Housing Sales Are Looking as Bleak as Ever

It’s going to be another bad spring for the US housing market—unless you’re a buyer.

With prices still falling and more distressed homes hitting the market, many experts are expecting the market to get even worse before it gets better.

“There’s been some increase in inventory lately, mostly from distressed sales,” says Walter Malony, spokesman for the National Association of Realtors. “Buyer’s are pretty much in the driver’s seat.”

Even the Obama administration’s new plan to help troubled homeowners, while praised by some economists, won’t help the market much right away.

The $14 billion program, announced Friday, will try to stem a rising tide of home foreclosures by giving lenders incentives to erase some mortgage debt and slash mortgage payments for the unemployed. But it will take months before there is any impact, experts say.

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