The signs of improving activity can be seen in the statistics of the foreclosure agents we've been following - the banks are leading the market:

Jun 11 - 328 Actives/98 Pendings = 3.35

Aug 21 - 382 Actives/111 Pendings = 3.44

Sep 20 - 425 Actives/97 Pendings = 4.38

Nov 9 - 486 Actives/128 Pendings = 3.80

Nov 25 - 484 Actives/138 Pendings = 3.51

Dec 14 - 446 Actives/147 Pendings = 3.03

Jan 15 - 474 Actives/149 Pendings = 3.18

Feb 7 - 482 Actives/187 Pendings = 2.57

Mar 13 - 477 Actives/205 Pendings = 2.33

Getting close to a 2 to 1 ratio of actives to pendings must mean that the buyers are satisfied with their pricing - and when they're not, the banks keep lowering.  It's more proof that if sellers can just get the price right (meaning low enough), there are buying waiting.

Here are the averages on their 236 closed sales in 2008:

SP: $326,854

SP:LP ratio = 96.9%

1,457 sf

107 days on market

91% of the sales were under $500,000