As 2009 approaches the halfway hurdle, the consumer confidence outlook looks a bit more optimistic, home sales have picked up and rates remain low, fueling refinancing opportunities. This has raised speculation across the U.S. over whether a housing market recovery is in sight.

But industry participants caution that the glut of supply continues to put downward pressure on home prices, especially in the areas hit hardest by the housing bubble, like California and the Southeast. This could delay recovery well into next year.

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