ForeclosureS.com Sees Market Rebounds

The Sacramento, California-based real estate tracking and research company ""ForeclosureS.com"":http://www.foreclosureS.com says its market data shows that many areas of the country are now experiencing rebounds, with declining foreclosures, increasing home sales, and even increased average sale prices.
According to Alexis McGee, president of ForeclosureS.com, a slow, but definite recovery mode is taking shape. ""While foreclosures persist and unemployment still worsens, there are positives in the market that give a strong indication that housing markets have bottomed,"" McGee said. ""Even some interest rate increases have failed to put a damper on prospective homebuyers and investors who wisely recognize that buying a home today is more affordable than it has been in decades.""
McGee points to Southern California as an example, where ForeclosureS.com's market research shows home sales rose for the 11th consecutive month in May, powered in part by an increase in sales of mid- to high-end home sales (those $500,000 or more).
In addition, San Diego-based ""MDA DataQuick"":http://www.dataquick.com reported that the median home price in SoCal rose to $249,000 - the first increase since July 2007. The company said a total of 20,775 new and resale houses and condos closed escrow in San Diego, Orange, Los Angeles, Ventura, Riverside, and San Bernardino counties last month. That figure represents the most monthly sales recorded in the region since May 2006, up 1.3 percent from April, and up 22.8 percent from a year ago.
McGee says affordability is the prime driver behind the rising numbers. According to DataQuick, May’s median home price in Southern California was the second-lowest for any month since it was $242,000 in February 2002, and it stood 50.7 percent below the peak $505,000 median reached in spring and summer of 2007.
Looking at regional markets around the country, ForeclosureS.com highlighted positive numbers in some of the states hardest-hit by the housing crisis.
_*California*_: In addition to the boost seen in Southern California, the company pointed out that existing single-family home sales soared 49.2 percent statewide in April, compared with a year ago. According to the ""California Association of Realtors"":http://www.car.org, the median home price in April was up 1.4 percent from March. ForeclosureS.com says markets tightened, too, with an unsold inventory of just 4.6 months compared with more than double that a year ago.
_*Florida*_: Like California, home sales in the Sunshine State are up, although so are foreclosures and defaults. For the eighth month in a row, existing home and condo sales rose in April. The ""Florida Association of Realtors"":http://www.floridarealtors.org reported sales of existing homes increased 18 percent, while existing condo sales jumped 21 percent. However, Florida, along with California, Arizona, and Nevada, powers the nation’s foreclosure abyss—10.6 percent of the mortgages in Florida are ""somewhere in the process of foreclosure,"" according to the Mortgage Bankers Association's most recent ""delinquency study"":http://www.mortgagebankers.org/NewsandMedia/PressCenter/69031.htm.
_*Georgia*_: As of June 1, the state of Georgia began offering a $1,800 tax credit to homebuyers through November 30 of this year. The credit, available to buyers of eligible single-family residences, is not limited to first-time homebuyers and has no income limits.
_*Illinois*_: McGee says housing markets in the nation’s mid-section are starting to heat up too, as buyers get off the fence and take advantage of today’s affordability. Despite ongoing foreclosures, especially in the Chicago area, for the third consecutive month home sales climbed in Illinois - up 9 percent in April over March - based on figures from the ""Illinois Association of Realtors"":http://www.illinoisrealtor.org. The organization also reported that the state's median home price of $150,000 was little changed from March.
_*Michigan*_: As the auto industry has unraveled, foreclosures in the motor state have soared. Yet the ""Michigan Association of Realtors"":http://www.mirealtors.com reports residential home sales are up more than 8.5 percent year-to-date as of April. The ""Detroit Board of Realtors"":http://detroitassociationofrealtors.com/ says sales in its city have increased more than 23 percent. ForeclosureS.com contends that affordability is key in the Michigan housing market, with at least 15 local Realtor associations reporting average home prices off more than 30 percent in April, compared to a year ago.
_*Massachusetts*_: Home sales and home prices both climbed in the Northeast. According to data from the ""Massachusetts Association of Realtors"":http://www.marealtors.com, detached single-family home sales were up 9.6 percent in April over March, with median home prices up nearly 8 percent.