Foreclosures.com paints a rosy picture of the housing market for next year. In its 2009 Outlook, the real estate property information company says foreclosures will decline next year as more buyers return to the market, pushing up prices and fueling a recovery.
Foreclosures nationwide showed a slight drop from 84,534 to 84,291 in November from the previous month and nearly 21 percent below the 106,415 filings reported in September. Foreclosure rates also slowed in some of the states that were major contributors to the housing boom. In California, foreclosure filings fell 6.55 percent in November to 15,978 and were down nearly 50 percent since September. In Arizona, foreclosure filings and pre-foreclosures dropped 5.19 percent and 5.0 percent respectively.
Foreclosures.com president Alexis McGhee says, “Recovery is underway. Affordable is back in the housing market. In 2009, housing will not only recover, but we’ll see buyers leap into this market in droves, depleting our housing oversupply, and actually put higher price pressures on the market.”