To follow up on my last entry, it looks like the rest of the country is finding out what’s already been reported here in Detroit – that the real estate crisis is far from over.

Time Magazine reports that prices are being slashed across the country, as inventory levels begin to climb again. The article credits the inability of move-up buyers (people who already own a home, but are looking to upgrade) to take advantage of the low prices – likely because they can’t sell their current home.

Much of the positive news in the real market recently, centered around first time buyers taking advantage of the tax credit that had been offered last year and extended in to this past spring. With many of those potential buyers now spoken for, the lull that many expected seems to be here.

While I agree with the last paragraph of the article – that you should wait to sell your home until you absolutely have to – for many people they’ve already crossed in to “must sell” territory. For them, a short sale is likely the best way to go…