Real estate market: Worse than expected?

Inventory climbing, prices hit peak in July, says Altos Research

Real estate professionals are contending with a bearish housing market following the expiration of the federal homebuyer tax credits, according to a webcast by real estate data company Altos Research.

In a previous webcast at the end of the first quarter, the company pointed out that the market wasn’t seeing the usual springtime bounce in home prices in March compared to last year and inventory was rising at a worrying pace — signaling that the beginning of 2011 could look a lot like 2009.

After the second quarter and into the third, the company said the housing market is worse than most real estate professionals might think.