The Anti-Phishing Working Group is saying that the fight against phishing is making progress. Phishing sites hit an all-time high in August, but the number of individual scams seems to be dropping. More sites for less scams. This sounds like awareness in action, and it is now costing phishers more time (and time is money) to pull off a heist.
Of course, falling margins could be the result of more competition too. And more competition usually means someone sees a great market.