Foreclosures of U.S. homes declined 7 percent in November, compared to the previous month, according to RealtyTrac, foreclosure marketing company.

“Foreclosure activity in November hit the lowest level we’ve seen since June thanks in part to recently enacted laws that have extended the foreclosure process in some states, along with more aggressive loan modification programs and self-imposed holiday foreclosure moratoriums introduced by some lenders,” said James J. Saccacio, RealtyTrac CEO.

Foreclosures remained 28 percent higher than they were in November 2007, and there are indications that this is just a temporary lull.

Delinquencies on loans not yet in the foreclosure process jumped to nearly 7 percent in the third quarter, a record high, according to the Mortgage Bankers Association. And more than half of the homeowners whose loans have already been modified are already delinquent again, according to the U.S. Office of Thrift Supervision.

States with the highest number of foreclosures are: California, Florida, Michigan, Nevada, Arizona, Ohio, Georgia, Illinois, Texas and Virginia.

Source: RealtyTrac (12/11/2008)