A real estate recovery in 2013

Supply overhang will prolong slump, say economists

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AUSTIN, Texas — At least the real estate industry has 2013 to look forward to.

Continuing foreclosures and an "overhang" in housing inventory will likely prolong the housing slump for several more years, said economists who spoke Friday during an annual meeting of the National Association of Real Estate Editors.

While home sales likely reached the bottom of the current cycle last year, home values in many markets are still in decline, said Stan Humphries, chief economist for online real estate search and information company Zillow.