We've recently completed a review of year-over-year sales figures in our general market area, and the results confirm a dynamic we've noted for several months now: inventory is low, which is supporting values of quality properties.

Charts released in recent weeks by the Fed seem to indicate what broader economic indicators are showing: a turnaround in the housing market may be imminent. Not that we are one the precipice of a fast run-up, but there is plenty of good reason to conclude that the economy is entering into a period of stabilization. We expect stabilization in the 4th Quarter of this year continuing through the spring season, and next summer could be a noticeably more active season. To be clear, however, Houston has been seeing a relatively stabilized sales environment throughout the recession. While activity has been slower than in years past, prices of quality properties have been supported.