Foreclosures Down, But Don't Celebrate Yet

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A new report by RealtyTrac reveals that fewer Americans are losing their homes.

According to the report, the number of foreclosures fell by 3 percent in October. It's the third straight month that has occurred.

"Three consecutive monthly declines is unprecedented for our report, and, on first blush, an indication that the foreclosure tide may be turning," RealtyTrac CEO James Saccacio said in a prepared statement.

The drop comes as foreclosure prevention programs have been coming to the rescue of more borrowers.

Still, with foreclosure filings up 19 percent from a year ago Saccacio cautioned there may be more tough times ahead.

"The fundamental forces driving foreclosure activity in this housing downturn -- high-risk mortgages, negative equity, and unemployment -- continue to loom over any nascent recovery," he said.

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