Realty Times has said it before and we'll say it again. Home prices have dropped, inventories are at 10-month supplies, and interest rates are hovering near record lows. If those aren't buying signals, nothing is, but the National Association of Realtors reports that buyers are timing the market and waiting for better deals.

That's an improvement from being scared to death, and it could mean the bottom is here.

NAR has missed some forecasts before, but this time there may be something to the trade association's announcement that a recovery could come as early as spring or late 2008.

NAR Chief economist Lawrence Yun believes that four million jobs added to the economy over the last two years is burning a hole in buyer's pockets. Pent-up demand will finally start to move housing back into the plus column.

Existing-home sales for 2007 will probably total 5.66 million to reach the fifth highest year on record. Housing values lost 1.9 percent, but values will recover by 2009 with a 3.1 percent gain.

NAR says housing sales will rise to 5.70 million and to 5.91 million in 2009.

What will lift sales and prices is rising demand for affordable areas such as the Midwest, says NAR. And stable mortgage interest rates under 6.3 will take the hurry out, unless buyers want to get under six percent. If so, they need to act now.

Inflation will be offset by rising disposable income at about 3.1 percent

It sounds like market timers were already at work in 2007, and they could put 2008 back into the record books.

Remember, the buyer's market is over when someone buys the home they want. Check Realty Times' local market conditions or your Realtor to see if the timing is right for you to buy a home.