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Record number of homes in foreclosure

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The foreclosure pipeline has never been more crammed, with lenders attempting to push 2.2 million homes through the process as of the end of October, according to a monthly report issued today by Lender Processing Services Inc.Foreclosure starts jumped 5.7 percent from September to October, to 232,865, LPS said. But the report also showed significant improvement in the long-term outlook for foreclosures.The number of borrowers who were behind on their loans by at least 90 days but who were not yet in foreclosure at the end of October dropped by nearly 19 percent from January, to 1.76 million. That's a 42.5 percent drop from a peak of 3.06 million in January 2010. Compared to January, the number of homeowners behind by just one payment also dropped 7.4 percent, to 1.66 million, and 60-day delinquencies were down 11.8 percent, to 665,804.Delinquencies of all types (30-day, 60-day and 90 days or more) were down 13.6 percent from January to October, to 4.08 million, while the number of hom...