Foreclosure Rates Continue Steady Decline

In October the number of U.S. properties for which a foreclosure filing was received declined for the third month sequentially according to a RealtyTrac report released on Wednesday. The report is a further indication that foreclosures are beginning to subside and that the housing sector is stabilizing.

According to the report, total foreclosure filings in October dropped 3.3% from September.

Several foreclosure-laden states are seeing glimmers of hope in the October data. Nevada -- one of the hardest hit states in terms of foreclosures in the past year -- saw filings actually fall 4% from a year ago, the first ever year-over-year decline in the state since RealtyTrac began recording their foreclosure statistics in 2006. Florida also saw a 4% drop -- also the first year-over-year decline in that state since July 2006.

Wednesday's positive foreclosure news is yet one more result of the improving housing sector.