Foreclosure starts dropped to the lowest level recorded since January 2005, according to Black Knight Financial Services' October First Look report.

In total, there were 56,500 foreclosure starts in October, down 8.43% from September and 22.81% from a year earlier. There are 504,000 homes in the presale inventory, down 5,000 from September and 217,000 from October 2015.

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