With the Saw franchise finally down and out (for now), Paranormal Activity has risen up to take its place.  The low-budget franchise has brought in almost $375 million worldwide, with the third film coming out this fall. Catfish directors Henry Joost and Ariel Schulman were brought on to helm this project just a few months ago, and we already have our first trailer. Paranormal Activity 2 writer Christopher B. Landon returns with Oren Peli and Jason Blum back producing coming off their huge success with Insidious.

The teaser shows us the film is indeed an origin story set in the 1980s, as we see Katie in her youth. I wasn’t a big fan of the number two, but the first did scare the pants off me. Although we don’t get much from this teaser, I’m interested to see what these Catfish helmers will bring to this series and if they plan to reinvent the wheel. Thanks to one of our readers for sending in the teaser below.

Paranormal Activity 3 hits theaters October 21st, 2011.

Will you see the third film? What do you think of the teaser?