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Light at end of jammed foreclosure tunnel?

30-day delinquencies back to 2007 level

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The percentage of mortgage holders behind by just one payment on their loan reached its lowest level since 2007 during the third quarter -- a sign that there's light at the end of the jammed foreclosure tunnel, a quarterly survey by the Mortgage Bankers Association suggests.The MBA survey showed foreclosure starts were also up during July, August and September -- the first increase in a year -- as lenders moved to foreclose on loans that have been seriously delinquent for months and in some cases years."While the delinquency picture changed for the better in the third quarter, the foreclosure data indicated that we are not out of the woods yet and that the issues continue to vary by geography," said Michael Fratantoni, MBA's vice president of research and economics, in a statement.The disparity between judicial and non-judicial foreclosure states continues to widen, with the robo-signing controversy slowing the progress of homes through the foreclosure pipeline in states wher...