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Foreclosure filings at 3-year low

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Foreclosure-related filings against U.S. homes fell 14 percent from January to February and were down 27 percent from a year ago -- the biggest year-over-year drop recorded by data aggregator RealtyTrac since it began issuing reports in 2005.RealtyTrac said 225,101 homes were subjected to a default notice, auction notice or bank repossession in February -- a three-year low that the company attributed to continued fallout from the robo-signing controversy.RealtyTrac CEO James Saccacio noted that February is a short month, and that a small part of the decrease could also be attributed to bad weather.But the "bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures," he said. "We expect to see the numbers bounce back, but that will likely take several months."Foreclosure filings may never return to a March 2010 peak, when more than 367,000 properties were subjected to filings, he said.Lenders...