BluegrassForeclosure.com

From Cincinnati.com: “Home sales slid in Southwest Ohio and Northern Kentucky in January compared to a year ago, but home prices landed sizable gains on both sides of the Ohio River, according to local boards of Realtors.

Homes sales fell 7.8 percent in Southwest Ohio last month, with 851 sales, the Cincinnati Area Board of Realtors reported Friday. Northern Kentucky saw a more than 23 percent slide in activity with 188 sales, the Northern Kentucky Association of Realtors said. . . .

Realtors say momentum in sales is expected to build locally and nationally as an April 30 deadline looms for buyers to take advantage of federal tax credits worth up to $8,000 for first-time buyers and $6,500 for repeat buyers. . . .

Experts say that until a backlog is of discounted foreclosure and bank-owned properties are sold off, home prices will struggle to recover. The properties are often sold at extreme discounts – up 20 percent or more off their last purchase price. ‘

Is this is small silver lining?  Or just a harbinger of further problems?  Property prices need to stabilize, but with the “experts” saying that a backlog of foreclosed properties are now hitting the market, we’ll see what happens.