The The Associated Press

ALBANY - New York foreclosure filings fell 10 percent during the third quarter, reversing a yearlong trend, according to new figures.

State officials and data trackers attribute the improvement in part to a new lending reform law giving New Yorkers an extra 90 days to work to save their homes.

But they warn that the drop in foreclosures could be just a temporary reprieve.

That's because other states showed a drop in foreclosures soon after they implemented similar laws that were followed by sharp increases when the initial grace periods expired.

“Unfortunately in many of these cases what you're seeing is just delaying the inevitable,” said Rick Sharga, senior vice president of marketing at foreclosure listing service RealtyTrac Inc., which compiled the figures released Thursday by the state Banking Department.

New York's lending reform law, enacted Sept. 1, requires lenders to wait 90 days before starting foreclosure proceedings.

The idea is to give homeowners more time to figure out how to best cope with their debt.