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According to RealtyTrac, the number of homeowners facing foreclosure dropped during October, thanks in part to foreclosure prevention programs that helped borrowers. RealtyTrac stated that more than 332,000 households (one in every 385 homes) were recipients of either a notice of default or a trustee's sale. This number is 3% lower than September, making October the third-straight month with a drop in the number of homeowners facing foreclosure. As for homes actually repossessed, the number dropped to 77,000 in October from 88,000 in September. RealtyTrac noted that one reason for the lower number of foreclosures is new state programs that require a bank to try and work with the homeowner before seizing property. In addition, some lenders are staving off foreclosures by evaluating which of their close-to-default borrowers may qualify for the new federal loan modification program.
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