RealtyTrac reported that foreclosure filings fell 7% from October to November. Though it may seem good news, there no reason to party yet as there will still be more foreclosures in the coming months.

"There are several indications that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months," James Saccacio, RealtyTrac's CEO, said in a statement.

In the report, November foreclosure filings dropped to 259,085, or one for every 488 households in the nation. That was lower than October, but still up 28% as compared a year ago. A total of 78,179 families lost their homes during the month, down 8% from October when 84,868 homes were repossessed by lenders. A total of 1,014,618 homes have been lost to foreclosure since the housing crisis hit back in August 2007. November's decline in foreclosure filings is deceiving, according to Rick Sharga, RealtyTrac's vice president of marketing, because much of it is attributable to temporary foreclosure prevention efforts.

"The reduction is because Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500) both announced moratoriums on foreclosures, while major lenders also put the brakes on foreclosure proceedings," said Sharga. "State moratoriums are also delaying the onset of foreclosures. But all that will only delay, not avoid them."

Sharga expects to see another good report in December, but expects a significant increase in foreclosure filings in January 2009.

The former boom states mostly in the Sun Belt and Midwestern industrial states were hit hard by job losses continue to endure the foreclosure crisis most. Nevada had the highest rate of foreclosures had one of every 76 homes experience foreclosure filings such as notice of default, notice of foreclosure sale, bank repossession, etc. in November.

Florida was second had one filing for every 173 homes and Arizona with one for every 198. California was fourth with one for every 218 households with the highest total number of filings with 60,491.

Michigan, the hardest-hit state no situated in of the Sun Belt area had one filing for every 309 households. Among cities, Cape Coral-Ft. Myers, Fla., registered the highest rate of foreclosure filings with one for every 59 households.

Las Vegas was at second place with one for every 61 homes.