Foreclosures off from peak

Filings are down, but can it last?

Foreclosure-related filings fell 7 percent in November, in part because of state laws that prolong the foreclosure process and more aggressive efforts by lenders to modify the loan terms of some troubled borrowers, data aggregator RealtyTrac said today.

The drop in filings may only be a lull, RealtyTrac said, citing a recent report by the Mortgage Bankers Association that the delinquency rate for loans not yet in the foreclosure process climbed to a record 7 percent during the third quarter.