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Real Estate Market Could Be Nearing Rock Bottom

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Some real estate analysts say July numbers for the Washington area suggest rock bottom for the local real estate market is just around the corner...and that's a good thing. The report from Metropolitan Regional Information Systems -- shows that home sales in July continued the upward trend the area has seen in recent months, and are up 12 percent compared to July of last year. Home prices across the region are still down 8 percent compared to this time last year. But John McClain, a senior fellow for the Center for Regional Analysis at George Mason University, says prices are not dropping nearly as fast as they were just a few months ago, meaning they could soon start rising. Prince George's County Maryland led the way for the area in July. It saw a 76 percent increase in number of homes sold compared to July of 2008. At the bottom is Prince William County, Virginia. Home sales there are down 25 percent.

Jonathan Wilson reports...

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