Residential delinquencies – excluding foreclosures – fell to 7.99% in the third quarter, the lowest reading since late 2008, when the nation's financial crisis was peaking, according to new figures released by the Mortgage Bankers Association (MBA).

However, seriously delinquent mortgages – those where the payment is late by 90 days or the loan is part of the foreclosure inventory – rose to 7.89% of outstanding loans, a 4 basis point increase from the prior quarter.

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