Foreclosure filings hit 7 year low

Foreclosure activity fell 27% in September from last year but rose 2% from a month earlier, according to the latest report from RealtyTrac.

Foreclosure filings, which includes notices of default, scheduled auctions and bank repossessions, have declined annually for 36 consecutive months.

There were a total of 376,931 properties with foreclosure filings at the end of the third quarter, down 7% from the previous quarter and down 29% from the year-earlier quarter.

New foreclosure filings or foreclosure starts fell 39% from a year earlier to a seven-year low.

Foreclosure activity started to decline in October 2010 after lenders and servicers were accused of improperly signing off on foreclosure documents in a practice called "robo-signing."

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Jared Hammond

Jared Hammond

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