National

Nov 12, 2009 8:48 AM by Associated Press

Foreclosures dip 3% in October from September

A new report shows the number of homeowners on the brink of losing their homes fell last month.

The RealtyTrac numbers show the third straight monthly decline. The drop comes as foreclosure prevention programs have been coming to the rescue of more borrowers.

Even so, foreclosure filings are up 19 percent from a year ago. And continued job losses continue to threaten the stabilizing trend. More than 332,000 households -- or one in every 385 homes -- received a foreclosure-related notice last month.

Those include a notice of default or trustee's sale. That's down 3 percent from September. Banks repossessed more than 77,000 homes last month, down from nearly 88,000 homes in September.

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