TAMPA - Tampa Bay may be experiencing the largest year-over-year decline in foreclosure activity since the housing crisis began.

Filings dropped nearly 18 percent in October, another sign the real estate market is becoming more stable.

There were also fewer filings than the previous month, about 8 percent, according to data from Calif.-based RealtyTrac. That follows a 4 percent yearly decrease in September.

"A 4 percent decrease isn't much of a decrease, but 18 percent definitely shows a downward trend," said Daren Blomquist, a spokesman for RealtyTrac. "What's surprising is we're seeing significant yearly decreases in areas that have been hot-spots for foreclosures."

Blomquist attributes Tampa Bay's decrease mostly to falling home prices that have spurred an increase in sales of distressed properties.

Even so, 6,216 foreclosure filings were filed for the area. That's one out of every 211 households.

The news follows recent reports indicating sales in the local market continue to level out.

Sales of existing single-family homes in the Tampa-St. Petersburg-Clearwater area increased 20 percent in the third quarter, according to the Florida Association of Realtors. There were 7,795 sales in the quarter, up from 6,502 during the same period a year ago.

Foreclosure data improved statewide as well. For the first time in more than three years, Florida's foreclosure activity saw a year-over-year decline in October.

The Sunshine state, however, still posted the nation's third highest foreclosure rate.

There were 51,911 Florida properties that received filings - default notices, scheduled foreclosure auctions and bank repossessions. That's one in every 168 Florida households.

Foreclosure activity is slowing nationwide, but not to the degree Florida and Tampa Bay is seeing.

Nationwide, 332,292 properties received filings, a 3 percent decrease from the previous month, but still up nearly 19 percent from a year ago. In October, one in every 385 U.S. households received a filing.

It was the third straight month that filings dropped on a monthly basis.

"Three consecutive monthly declines is unprecedented for our report, and on first blush an indication that the foreclosure tide may be turning," said James J. Saccacio, chief executive officer of RealtyTrac. "However, the fundamental forces driving foreclosure activity in this housing downturn – high-risk mortgages, negative equity and unemployment – continue to loom over any nascent recovery."

Four states accounted for 52 percent of the nation's total foreclosure activity: California, Florida, Illinois and Michigan.

Nevada maintained its place as the state with the highest foreclosure rate, despite a 26 percent decrease in filings from the previous month. Nevada's foreclosure rate in October was one in every 80 housing units.

California posted the second highest foreclosure rate, with one in every 156 households receiving a filing in during the month.

Reporter Shannon Behnken can be reached at (813) 259-7804.