Days on the market, however, have remained in triple digits all year, with an absorption rate in January of last year of 16.1 (now down to about 11).

In short – Augusta, Georgia – the state’s second largest city – is plodding along in what seems to be the bottom of this Buyers Market cycle.

Our recovery through 2010 should be very slow, especially given new FHA downpayment (5%) and seller contribution (max 3%) requirements and the expiration of the tax credit in April. Over 50% of our market is VA/FHA – has been for some time. This means anyone who purchased in 2005 or later can’t sell because they don’t have the equity. Folks smart enough to realize this (or who have a smart enough Realtor) rent their homes if they’re moving, which has kept our inventory from skyrocketing. I look for a good spring, followed by a bad summer and not-so-great winter in 2010 – keeping us at about this year’s numbers.