Foreclosures across the country are expected to drop next year after peaking at approximately 2.75 million this year, according to a University of Michigan researcher. By early 2012, foreclosures should be less than 1.5 million, according to Dennis Capozza, professor of finance and real estate at the University of Michigan's Ross school of business. Mr. Capozza said the expected eventual decrease in foreclosures should result from economic, home price and underwriting improvements. But "for the time being, however, steep increases in unemployment are continuing to mitigate the positive factors, which means that housing markets will continue to take a beating for some time, despite federal stimulus incentives," he said.
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