Sharp Drop in Foreclosures Likely Temporary

Irvine, CA, Dec. 16, 2010 -- The number of foreclosure notices filed in November fell 21%, the biggest month-over-month drop ever recorded by RealtyTrac.

Filings also fell 14% compared with November last year.

Bank repossessions fell even more sharply, down 28% from 93,236 in October. Repossessions are down a third since September.

The drop in total filings followed a 4% decline a month earlier.

The robo-signing moratoriums were responsible for the lion's share of the decrease in November filings, said Rick Sharga, spokesman for RealtyTrac.

"I wish the report was actually good news," he said. "But it's just an artificial drop. For most borrowers in foreclosure, it will be a temporary reprieve."

He predicted December will bring another decline followed by an acceleration of foreclosure activity in the first quarter of 2011.