FORECLOSURE NUMBERS

The number of foreclosure filings fell 7% in November from October, according to a report from RealtyTrac this morning. November foreclosure filings fell to 259,085, the report said, or about one out of every 488 households. While the number was a decline from October, foreclosures were up 28% from November 2007. And the dip isn't likely to last. "There are several indications that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months," James Saccacio, RealtyTrac's CEO, said in a statement."The reduction is because Fannie Mae (FNM, news, msgs) and Freddie Mac (FRE, news, msgs) both announced moratoriums on foreclosures, while major lenders also put the brakes on foreclosure proceedings," RealtyTrac's vice president of marketing Rick Sharga said in a press release. "State moratoriums are also delaying the onset of foreclosures. But all that will only delay, not avoid them." Meanwhile, Freddie Mac said this morning that the 30-year fixed-rate mortgage fell to 5.47% last week, a four-and-a-half-year low. A year ago, the average rate was 6.11%. On March 25, 2004, it averaged 5.4%.