ForeclosureS.com: Market Bottom in Sight

Foreclosures fell more than 5% in April, and pre-foreclosure filings declined as well, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm. Lenders repossessed 74,570 homes following foreclosure in April, while pre-foreclosures declined 7.5%, the company said. "The sky isn't falling, and the bottom of the housing market is in sight," said Alexis McGee, president of the firm. (Ms. McGee forecast in early 2007 that the worst of the foreclosure crisis was over.) On a quarter-over-quarter basis, 17 states had fewer real estate owned filings in April, the company said. "That's the good news," she said. "The bad news is that still 3.8 of every 1,000 households nationwide (288,497 REO filings) have been lost to foreclosure so far this year." The company can be found online at http://www.foreclosures.com.