Is that real, or is it from banks making new arrangements so people are no longer “in default”?
Is it from the programs designed to let people off the hook who would otherwise remain in default and lose their house?
The answer is “yes”... All of the above. The natural foreclosure rate is declining as the economy has improved (in 2008/09 when we were losing 300-400K jobs per month compared to 2011/12 when we are growing 175K jobs per month). Plus you have modifications and government programs like HAMP and HARP. Regardless the foreclosure activity (both real and shadow) have come down substantially from the peaks in 2008/08.