Federal Deposit Insurance Corp. researchers estimate that 839,000 single-family mortgages fell into the 60-days-plus late category during the third quarter, up 14% from the second quarter. Mortgages entering foreclosure fell 10% from the previous quarter to 574,000. "It is still the second highest quarterly number of foreclosures, double the number of two years ago," said FDIC chief economist Richard Brown. He attributes the slowdown in new foreclosures to state moratoriums, delays in processing, and more attempts by servicers to engage in workouts. "Even though foreclosures slowed to 574,000 during the quarter, the number of loans 60-days to 90-days past due rose by almost 265,000, and now total 1.9 million," Mr. Brown said.
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