Foreclosures hit a five-year low

By Julie Schmit

USA TODAY

Foreclosure activity hit a five-year-low in September, further lessening fears that lenders might flood markets with foreclosed homes and curtail price gains.

Market researcher RealtyTrac reports today that 180,427 properties received foreclosure filings in September, down 16% from a year ago.

Foreclosure activity has been dropping for nine consecutive quarters. There were expectations it would pick up this year following a mortgage servicing settlement earlier this year between big lenders and federal and state officials.

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