Although there was month-over-month deterioration in residential loan delinquency, the number of mortgages in foreclosure retreated to a level not seen in a decade.

Single-family mortgages that were at least 30 days past due or in the foreclosure process numbered 2.384 million as of the end of July.

The total was comprised of 1.986 million mortgages past due at least 30 days and 398,000 loans in the foreclosure pre-sale inventory — the first time it has been less than 400,000 since February 2007.

Source: Mortgage Daily