"While both of these are certainly helping to speed the descent, the fundamental factor driving the drop in foreclosures is better lending guidelines that don’t allow anyone with a reflection to qualify for a loan — not to mention anyone who can fog that reflection.
Since the financial crisis hit in full force in 2008 — triggered by
loans gone bad in big numbers — the mortgage industry has got religion
in a big way. And it’s not just talking the talk, it’s walking the walk
as well, as evidenced by the declining foreclosure rate on loans
originated in 2009 and later.
Highest foreclosure rates still on housing bubble loans"