Michael Corbett House-Hunting Tip: Will Home Prices Ever Go Up Again?

This week's tip:

Home prices are still fluctuating. You have to remember that all those national real estate stories are just that -- national. You should be concerned with the home prices in your own city/community and pay attention to your region, state and city.

Many of the markets in the U.S. are still soft, meaning that prices may still decline a bit, especially the "sand states": Florida, Nevada, Arizona, and northern states such as Ohio and Michigan. Home prices will remain soft, most likely through next year.

Here's the good news: Keeping in mind that real estate is local, according to last week's Coldwell Banker Home Listing Report, in many cities, like New York, L.A. and Dallas, home prices have started to stabilize, and in some communities such as Jackson, MS and Charlotte, NC, real estate prices are even going up.

Will we ever see the crazy inflated prices of 2005 and 2006? Probably not for many years.

For more tips and guidelines, check out Corbett's book "Before You Buy!" on Amazon.com.