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Wall Street Journal (12/21/07) said foreclosure filing for November surged 68% from a year ago, but dropped 10% from October (first double digit monthly decrease since April 2006).  RealtyTrac showed foreclosure filings for October zoomed 94% from a year ago but rose a modest 2% from September.

Does the modest sequential rise from September and then the double digit decrease from October; coupled with the recent Bush Bailout announcement, indicated that foreclosure activities overall might have peaked?  

Bush recently also signed into law the Mortgage Forgiveness Debt Relief Act of 2007 which will do away with the tax on homeowners who have mortgage debt forgiven in a short sale, refinance, or in a deed in lieu of foreclosure.   

Can this combined be a great New Years News for 2008?  I have also seen houses going into escrow, slowly but steadily during the past month.  Do the buyers finally tired of waiting and decide this might be as good a time to get a great deal as ever?   

Southern Marin has held steady and Novato has slowed down and has been seeing decreases in value during the past few months.  With the above news, I will be watching the market closely for sign of recovery!