Foreclosures, delinquencies hit record high

But the number of mortgages on which foreclosure proceedings was started actually fell slightly during the third quarter compared with the second quarter, according to the Mortgage Bankers Association's quarterly delinquency survey. That doesn't necessarily indicate a slowdown in foreclosures, said Jay Brinkmann, MBA's chief economist.

"An initial look at the number of foreclosure starts would seem to indicate at least a leveling off of foreclosures. These numbers, however, are being influenced by several factors including various moratoria on foreclosure filings and by mortgage companies holding loans in the 90-plus-day bucket during the modification and workout process," said Jay Brinkmann, MBA's chief economist, in a news release.

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