Few buyers, more sellers and harder to get mortgages are severely hurting any potential recovery of the US housing market. In areas like Florida, Detroit, Southern California, Las Vegas, and Phoenix, the housing market is not getting any better, its getting worse, with more foreclosures on the way. Since fewer homes are selling, each home that goes onto the market; increases the supply and due to Economics 101, that lowers the prices.

Unfortunately, the prices cannot go much lower because those who owe mortgages owe much more than the going average home sale price, thus, new homebuyers are taking their time and lowball bidding, and some home sellers are forced to do short-sales, while the entire real estate community, just shakes their head knowing 2008 will not be such a good year. Many real estate agents have indeed quit the business, many more are wondering how long they can hold out.

Yes, it is true that some homes are selling but surely not enough. Luckily, the US Dollar is weak and foreign buyers are coming in and buying up properties now. According to Housing Giants Magazine Online Version in some markets, the Canadian Buyers take up nearly 20-30% of the new homebuyers.

Indeed, Florida, Texas, Arizona, Southern California, and Las Vegas are also a strong markets for Canadian Home Buyers and every little bit helps as these are some of the worst hit markets in the nation. Second Home buyers from Europe are also joining in on the low real estate prices and low interest rates as well, many buying homes in such cities as Palm Springs, Scottsdale AZ, and all over the Florida Coast. As one real estate agent in Colorado Springs told the Denver Post last week; "Every Little Bit Helps!

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