5 factors impacting 2010 home prices

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With the nationwide unemployment rate climbing above 10 percent, could 2010 see even more declines in real estate prices? One of the most important influences on housing prices is the employment rate. When employment is high, people are more likely to purchase. In such an environment, there is optimism that if you lose your job, you will be able to find a new one.Today, we're facing some of the highest unemployment rates since the Great Depression. Is it possible that the housing market can make a recovery in light of these conditions? Here are several key factors to determine what is most likely to happen in your market. 1. Markets aren't just local, they're "hyperlocal" Prices may be down in your state, county or city, but up in your local area. For example, it's common for the first-time-buyer market to have shortages of inventory while the remainder of the market is glutted with inventory. To determine what will happen in your local market, you must consid...