Statistics released by the National Association of Realtors last week indicate that the bottom of the real estate market has not yet been reached. This was a common theme among discussions among Century 21 Pro-Team agents this week. Many of us predicted an upswing in market activity in 2007, coupled with a reduction in local inventory. However, over the past weeks, many of us have been seeing less buyer activity, and at the same time, more sellers wanting to put homes on the market. This all begs the question of how did we miss the mark? I think the first sign we had of an upswing was an unusually active February. Many Aurora subdivisions and Naperville subdivisions started seeing a lot of buyer activity very early. Typically, that level of activity doesn’t pick up until March or April, but this year, we did see a strong surge in activity as early as February. This made many of use very optimistic that the market had reached the bottom and was in the process of a correction upwards. However, due to several factors, this was an incorrect assumption. Due to the implosion of several major mortgage lenders and the tightening of purse strings, plus likely many other factors not yet fully understood, we’re still seeing things slide downwards. The ultimate question is: how far and how long? Many now believe that were in for some additional price drops for at least the next few months. Many are predicting a leveling off this Fall, but many are taking this news with more than a few grains of salt.