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.
http://www.zerohedge.com/news/2013-02-01/how-todays-strong-jobs-report-led-115000-job-losses
Well, that doesn’t look good...