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According to RealtyTrac, foreclosure filings in September are down 7% from August - that’s 16% down from September 2011, and the lowest quarterly reading since the last quarter of 2007.

These numbers include default notices, scheduled auctions, and bank repossessions.

Activity slowed down quite a bit after banks put the brakes on foreclosures because of the robo-signing debacle two years ago. Everyone expected foreclosures to flood the market once banks were able to start processing their backlogs of delinquencies, but that’s not what’s happening.

Several factors contribute, mainly preventing homeowners from falling into foreclosure through efforts like the Home Affordable Modification Program and low mortgage rates.