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by CareyBot

Residential mortgage delinquencies and foreclosure inventory fell in the third quarter from the previous quarter, due to a strengthening economy, the Mortgage Bankers Association said today. The seasonally adjusted delinquency rate for mortgage loans on one- to four-unit residential properties fell to 4.41 percent in third quarter 2004, down two basis points from the second quarter of this year and down 24 basis points from the third quarter of last year. The foreclosure inventory percentage at the end of the third quarter was 1.14 percent, down 10 basis points from the same quarter last year and down two basis points from the second quarter. The seasonally adjusted percentage of new foreclosures remained unchanged from the second at 0.39 percent, down five basis points from the third qu...