Foreclosure Filings Drop to Five-Year Low

Down 16 percent from last year

Foreclosure filings fell in September to their lowest level in more than five years as a housing market rebound showed another sign of taking hold.

Substantial decreases in California and some other states hard-hit by the collapse of the housing bubble helped reduce filings to 180,427 last month, down 7% from August and 16% from a year earlier, according to foreclosure listing firm RealtyTrac.

The last time filings were that low was in July 2007.

Filings for the three-month period ending in September also were the lowest since the fourth quarter of 2007. RealtyTrac said there were 531,576 filings in the period, down 5% from the second quarter and 13% year-over-year, the ninth-straight quarter with an annual decrease.