Plenty of 'For Sale' signs but actual sales lagging

Like spring flowers, the "For Sale" signs are sprouting in front yards all over the country. But anxious sellers are facing the most brutal environment in decades, with a slumping economy, falling home prices and rising mortgage foreclosures. And even the faint promise of better days ahead might not come true, given all the headwinds the housing industry is facing at the moment. The devastation is certainly a far cry from the boom years from 2001 to 2005 when sales of new and existing homes were setting records for five straight years. During that time, home prices were soaring, luring thousands of investors into the market, hoping to buy homes and flip them for quick profit. Hardest hit are the states where sales boomed the most: California, Florida, Nevada, Arizona and parts of the Northeast.

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