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Expect lower home prices

Although inventories have fallen, they will likely renew an upward
trajectory, as foreclosure moratoriums and legislative mandated delays have
ended, and unemployment continues to rise. Default notices are on the rise,
and many loans originated in hot markets in late 2006 lack the equity level
required to be eligible for loan modification programs. Additionally,
there exists a "shadow inventory" of people who would like to
sell, but are discouraged by the low prices, waiting for a better time
to sell.