Foreclosures declined in May for the second straight month, indicating that the housing picture may be brightening, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm. Foreclosures dropped 12.0% in May from the previous month's level, and the number of homeowners facing preforeclosure fell 8.9%, the company said. "The numbers support what I've been saying for a while -- the housing market is not as bad as what you hear," said Alexis McGee, president of the firm. "The market is showing signs of forming a bottom as supply catches up with demand because fewer new homes are being built and buyers are flocking back into a much more affordable market." The company can be found online at http://www.foreclosures.com.
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