Raleigh real estate in 2011?

The real estate market will heat up in 2011. How hot? Um, lukewarm. I read a tweet from another real estate agent over the weekend that bugged me. It was like a sound bite declaring the Raleigh market was going to get better in 2011 and was linked to an article in the News & Observer called Housing across Triangle might get a bit better in new year.

The story opened with:

The Triangle housing market is likely to show modest improvement at best in 2011.
Yeah, that is optimistic.
Most analysts don’t expect the Triangle market to deteriorate further over the next 12 months. But the speed of any recovery will depend on a number of factors, including how quickly the market can work through inventory, whether other markets heal so that transplants can buy homes in the Triangle, and how much interest rates rise.
About 25% of the Raleigh real estate market is distressed sales made up of short sales and foreclosures. There is a large backlog of homes available for sale and until we get control over local housing inventories, any progress will be minor.
Yes, the Raleigh real estate market will get better, but 2011 will be a baby step in the right direction.