Foreclosures in September were down 8% from August to 223,538 filings, according to online marketplace RealtyTrac. However, the number was still the second highest total ever, and almost double the number of filings in September of 2006.
"It’s too early to tell if September’s numbers represent a one-month lull or if they could signify that more buyers and investors are getting back in the market and snatching up discounted foreclosure properties, thereby providing a release valve for distressed homeowners and overwhelmed lenders," said James J. Saccacio, chief executive officer of RealtyTrac.
The national foreclosure rate for the month was one foreclosure filing for every 557 households.
The Wall Street Journal has published a handy interactive map detailing the scope of the sub-prime crisis.