The only reason that the foreclosure activity is down is because of loan modifications in conjunction with HUD Loans AND short sales - both still exist in great volumes.. This White House administration has seen to it to give a false hope that housing is not as bad as it seems.. HUD is now giving out loans like candy in conjunction with the reduces original loan amounts (New Loan amount is the Match amount of Loan Modifications) .. Usually thru Bank of America or US Bank.. Don't let these numbers fool you, Hard assets is what people are currently buying, because maybe another bubble brewing in the dollar.. then a housing bubble again will follow.... maybe?.. Good for people, I don't know?  Good for the middle guy.. OH YEA!..  Start tracking Loan Modifications and the real numbers will come out..