Around here, a lot of houses have "closed" in the past few weeks including ours. So, these are generally homes that went under contract in April or early May.

In my area some sales are due to banks finally getting their acts together and unloading foreclosed homes. There are more sales, but at scary-low prices. Just caught a TV news crawl saying RE was down 3.8% -- but didn't see whether they were talking sales or prices, nor between when and when. Whichever...still going d-o-w-n.

Estimates are the banks are carrying a shadow inventory of approx 6 million homes, more than three times normal. What with lawsuits over title transfers and fears about higher reserve minimums, banks are moving very slowly on releasing this inventory:

Consumer jitters, falling prices make it tough to predict housing-market recovery
By Melinda Fulmer of MSN Real Estate, June 2011
"....Economists disagree on where the bottom is and when the market will get there, but a continued decline in home prices seems certain - at least for now."
(Full article at the link below)

Here is a link that might be useful: MSN Money/RE: tough to predict housing-market recovery

An acquaintance of ours just had her house go under contract in two days in one of the worst markets in the country, despite being priced higher than we would have expected. It is a larger tract home and is certainly no bargain purchase compared to many of the properties other friends have bought recently, so it will be interesting to see how it actually appraises.

Saw another sold sign this morning in the neighborhood. This one has been for sale for years - must have finally gotten the price down to the right level.