In the most recent report from the National Association of Realtors, stats shows that existing homes sales fell another 2.6 percent in June. They are now 15.5 percent lower than June of 2007.

Some experts suggest that this drop is due to many would-be buyers sitting on the sidelines -- perhaps waiting until the economy looks to have smoothed out its troubles.

NAR President Richard F. Gaylord, reported, "A recent online survey of Realtors® shows nearly a quarter of potential home buyers are waiting on the sidelines. However, timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth."

Regionally, the West was the only area to see an increase in existing-home sales. The largest decline was seen in the Northeast, which fell another 6.6 percent. The median price in the region was down as well from last year -- at $256,700.