5 reasons home buyers aren't biting

Last week, the news broke that interest rates hit yet another low: 4.45% on a 30-year-fixed and a stunning 3.87% on a 15-year fixed rate loan. At the same time, home prices are at or near bottom in most American cities.

Apparently everything's on sale, when it comes to real estate, Affordability is near an all-time high.

Nevertheless, pending home sales are barely creeping up, reflecting what the National Association of Realtors calls a "gradual improvement" in home sales. So, what's stopping buyers from running out to grab up all these affordable homes at affordable rates?