The housing market in Limestone County didn’t see a rebound in 2010, but real estate and mortgage experts said this week that local numbers are still much better than those in other parts of the state and country.

According to the Irvine, Calif.-based RealtyTrac, there are currently 55 foreclosed homes on the market in Limestone County. One out of every 2,346 housing units received a foreclosure filing in November 2010, with most of those occurring within the Athens city limits.

Across Alabama, there are 11,627 foreclosures on the market at an average sales price of $138,463. In Jefferson County alone, there are 4,274 foreclosures on the market. In the neighboring counties of Madison and Morgan, there are 1,379 and 307 foreclosures on the market, respectively.

MLS figures for North Alabama, which includes the Huntsville, Madison, Athens and Decatur markets, showed a downward trend in November, decreasing by about 14 percent from October and 34 percent below November 2009.

However, there may be small signs of growth on the horizon, especially in Athens. On Monday, the city’s inspections department revealed that nine permits have been issued this month for single-family detached homes and 19 permits were issued for single-family attached homes as part of a townhouse project. About 19 permits were issued in October and November for single-family detached homes. All the issued permits represent new construction, not renovations.

G. Brian Patterson, revenue commissioner for Limestone County, said despite the relatively small amount of foreclosures, the county should receive the expected amount of property taxes for 2010. The banks that own the houses, he said, pay taxes on homes that are in foreclosure. Parcels with unpaid taxes are sold at a public auction.

“We may have 55 foreclosures, but it’s 55 too many,” Patterson said. “We haven’t seen a decrease in home prices, but we’ve seen an increase in the length to sale.”

David Savoy, a mortgage originator with Bank Independent in Athens, said low interest rates — about 4.75 percent on a 30-year loan —have enabled residents to refinance mortgages, though construction loans are beginning to pick up.

He said the small number of foreclosures could be attributed to a stable North Alabama job market and fewer predatory lenders . However, new government regulations may make it harder for some people to receive a home loan or be granted a loan without a down payment. Those factors, he said, make it imperative for potential homebuyers to keep an eye on their credit score before entering the housing market.

“If their credit score is low —620 or lower — I can’t do anything for them,” Savoy said. “One of the biggest detractors on a credit score is a late mortgage payment.”

Greg Balch, a mortgage broker with Courtesy First Home Lenders in Athens, said his business has also been engaged in more refinancing and fewer home loans. He anticipates a market turnaround in 2011.

“I believe the money market will pick back up next year; it’s supposed to be one of the biggest years,” he said. “(Interest) rates have gone back up, but they are still very, very good.”

Balch said the third quarter of a year is generally a very slow time for real estate sales, but things typically pick back up in the spring and summer.

“When the weather warms, people get out and start looking at more of the available houses,” he said.

Balch’s son, Keith Balch, who is also a licensed mortgage broker with Courtesy First, said he doesn’t anticipate government lending guidelines to tighten further, and he doesn’t foresee interest rates getting better than they are right now.

Like Savoy, he said those interested in buying a home need to make sure their credit scores will allow them to buy. He advised potential buyers to monitor their credit report and keep credit cards paid down and  make payments on time.

“If you’ve got a credit card you’ve had for 10 years and you’ve paid on it on time, that looks better than if you’ve had one for six months and it’s already maxed out,” he said.

 If 2010 was a sluggish year for the housing market, then Realtors likely felt the pain as much as anyone. However, Patsy Gooch with Century 21 J and L Realty was a top producer for the business in November.

“Houses are moving along, but we still have a large inventory,” she said. “We’re just trying to stay focused as a group.”

Gooch said real estate typically “goes in cycles,” but her community involvement has been a key to her success. More importantly, she believes the economy will pick up steam next year.

“I feel like people are getting their confidence back. You can tell by the amount of people who are out Christmas shopping,” she said. “I feel like 2011 will be extremely better than 2010.”