We are headed into  recession.  In a couple of weeks, the 2nd quarter will be upon us, and it will most likely show a shrinking ecomony.  Combine that with the first quarter’s shrinking economy and that is was defines a recession (receding economy).  Will there be short sales and foreclosures? Sure, because people are financially hurting.  Will it be a repeat of 2008?  Absolutely not.  The current market is a result of short supply and high demand. The higher mortgage interest rates are causing buyers to lay low, and this is causing the pendulum to stall and head back in the other direction.  This is the time to buy and this is the time to sell. Until builders can replace the decade old housing shortage, this is as good as it gets for a while.