Fewer Foreclosures, for Now


The number of foreclosure actions fell again in November. That's the fourth straight month that the total number of default filings, bank seizures, and foreclosure auctions fell.

There were 306,627 foreclosure actions in November, according to RealtyTrac. That's down from it's peak of over 360,000 in July. Since then the rate of foreclosure filings has been falling every month. Analysts credit government programs for the steady drop.

"Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visible symptoms of the nation's ailing housing market - foreclosures and home value depreciation," says James J. Saccacio, chief executive officer of RealtyTrac.