Things are looking good for the real estate market to bounce back in 2009, according to Alexis McGee, president of ForeclosureS.com. Foreclosures are set to decline, and property prices are set to climb in the coming new year, brought on by lower commodity prices, 4.5% fixed mortgage rates, tax credits and a new administration in Washington poised to do whatever it takes stimulate the economy.

The most recent foreclosure stats by ForeclosureS.com are showing a minor decrease in foreclosures in Nov 2008 over Oct 2008. Many Realtors nationwide are showing a solidifying market in important markets, and foreclosure rates are dropping as well. Combined with dropping home prices, this has put a number of affordable properties on the market for consumer to choose from.

Pre-foreclosure rates are not painting as good of a picture for 2009, still rising although not as fast as in the past. Pre-foreclosures are set to continue climbing into 2009, although more slowly than in 2008. A pre-foreclosure is a precursor to an actual foreclosure.