Pre-Foreclosure Filings Drop in October

The number of foreclosure notifications fell for the second consecutive month in October, according to ForeclosureS.com. Pre-foreclosure filings, which include notices of a default or a foreclosure auction, declined by 7% from September and were off 10% from their August high. The number of foreclosure notices dropped in about half of all states, according to ForeclosureS.com. Properties newly repossessed by lenders also declined, falling 22% from the high reached in September. The 84,286 repossessed homes in September was the lowest monthly total since May, the company said. Alexis McGee, president of ForeclosureS.com, said the numbers are "great news because pre-foreclosures are early signals of what's to come." She acknowledged, however, that recent numbers might be skewed by lender programs for homeowners that delay rather than eliminate foreclosures.