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Foreclosure inventory rises in September

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The number of homes nationwide in the foreclosure process rose in September, according to the latest statistics collected from loan servicers by Lender Processing Services. Foreclosure inventory stood at 3.84 percent of all loans in September, up 3.6 percent from September 2009 and 1.1 percent from August, according to LPS' monthly Mortgage Monitor report. Nearly 275,500 homes that hadn't been in the foreclosure process in August started foreclosure in September, down 0.6 percent year-over-year and 2.5 percent month-to-month.Foreclosure timelines continued to rise, however. The average number of days delinquent for loans in foreclosure has risen to 484 days (roughly 16 months) in September from 372 days in September 2009 and 251 days in January 2008. Almost a third (32 percent) of seriously delinquent loans (with more than 90 days of missed payments) have been delinquent for more than a year. In five judicial foreclosure states -- New York, Florida, New Jersey, Hawaii and Maine...