Foreclosure filings fell in the first quarter to their lowest level since the end of 2007, according to new figures compiled by RealtyTrac, but the mortgage and housing industries shouldn't pop the champagne quite yet.Default notices, scheduled auctions and bank repossessions were reported on 572,928 properties during the quarter, a 2% sequential decline, and a 16% drop from a year ago.

One in every 230 housing units recorded a foreclosure filing in the first quarter. 

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.