Local business and community leaders today offered their realistic economic assessment for the next few years – limited growth now with slightly more growth later.

Stockton saw a 25 percent decrease in foreclosure activity in 2012, but it still led the nation in foreclosures last year among metropolitan statistical areas with a population of 200,000 or more, according to RealtyTrac.

Pending home sales in California were down in November because of seasonal factors, but equity home sales continued their upward trend according to the California Association of Realtors.

Sales of new single-family houses in November 2012 were at a seasonally adjusted annual rate of 377,000, according to estimates released jointly Thursday by the U.S. Census Bureau and the Department of Housing and Urban Development. It's the highest rate for new home sales in two years.

After years of topping just about every negative list real estate watchers pump out every month, the Modesto and Stockton housing markets are finally pulling out of the doldrums. Inventories are down, prices are beginning to go up, and buying a house has become competitive again.

Peering into the future isn’t difficult. Predicting what’s going to happen is the problem. As we look ahead let’s peer through the lens of our leading economists, political leaders and historical data to see what’s on the horizon for 2013.

Stockton and Modesto were near the top of the list when it comes to best markets for investing in homes as rental properties, according to Local Market Monitor and HomeVestors of America Inc.

For the ninth month in a row, the median sales price of a home in California went up year-over-year, according to the real estate monitoring firm DataQuick.

After topping the charts, Modesto and Stockton were falling on the list of top 10 metro areas with the highest foreclosure filings, according to new figures from RealtyTrac. Stockton ranked sixth and Modesto came in seventh for November.

Two local senior communities have made the list of finalists for the National Association of Home Builders 2013 Best of 50+ Housing Awards.