Buyers snapping up discounted homes.

[flippinout]

According to those in the know, pending home sales increased in December at the rate of 6.3 percent due to the deep discounts of the prices of propery.

Those in the know also say that this may mean that a bottom is forming in the real estate market, for home sales that is, which is a positive sign.

But, due to job layoffs and lending standards, prices will probably keep falling in 2009.

Since there is about a two month wait between contract and final sale, many will be closing in the next few weeks.