The National Association of Realtors reports that a recovery in sales could be expected during the second half of this year.

This comes on the tails of the most recent numbers that pending home sales were up 2 percent from May 2007 in the Western region -- a region that has been one of the hardest hit after the housing boom in 2004.

Looking at the nation as a whole, however, indicated that contracts fell 4.7 percent -- and are 14 percent below May 2007 levels. Dragging down this average is the South, which came in at 22.1 percent below a year ago. The Northeast and Midwest experienced double digit declines as well.

As always, markets are local phenomenons. NAR chief economist, Lawrence Yun, notes, "Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans."