1.         Lower home prices are luring some buyers back into the U.S. housing market, but foreclosures and a weakening economy are likely to keep downward pressure on prices for at least another year, economists say.

2          RealtyTrac reported that U.S. foreclosure filings increased 71 percent in the third quarter from a year earlier, reaching the highest on record. A total of 765,558 U.S. properties got a default notice, were warned of a pending auction or were foreclosed on in the quarter, the most since records began in January 2005.

3          According to HUD, 4.3 percent of all Prince William mortgages are in foreclosure, compared with the statewide rate of 3.1 percent. The Fairfax County rate is 2.3 percent.

4.         Even as prices have moderated on homes in our area, buyers may have difficulty obtaining financing at attractive terms due to the problems in the national credit market.

5.         The FDIC chairman has argued that the extensive set of financial rescue strategies deployed in recent weeks needs to do more to get at what she called the "root cause" of the crisis -- millions of households heading for default on their mortgages and potentially foreclosure on their homes.

6.         In Greater Northern Virginia the number of homes sold in September this year showed a 53% increase over home sales in September a year ago. The absorption rate for September 2008 is slightly higher than last year’s with a 5.52-month supply of homes.

7.         A major portion of the total inventory on the market continues to be “Short Sales”.  These homes are taking on average 4-6 months to close, if ever, after a contract has been received by the sellers.  Most agents are reluctant to show these homes to their buyers actively looking to purchase because of the uncertainty of ever being able to get the banks decision to accept the sale.

8.         Inventory levels continue to decline as we move closer to the end of 2008.  The availability to find a good home, at a reasonable price that is not a “short sale” is becoming increasingly difficult.

9.         Average conforming loan rate 6.25 with 0 points.

10.       Average Days on Market in N. Virginia for September '08 = 93

11.       Light, sweet crude went up to settle at $71.77 a barrel on the New York Mercantile Exchange