Mortgage balances on consumer credit reports dropped by about $114 billion or 1.3% during the third quarter, according to the Federal Reserve Bank of New York's latest report on household debt and credit.

But the New York Fed found that the trend toward reductions in the percentage of current mortgage balances going delinquent reversed during the period. Roughly 2.5% of current mortgage balances became delinquent in the third quarter. New foreclosures dropped by 7% quarter over quarter.

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