The Federal Housing Administration will sell 5,000 mortgages in the foreclosure process every quarter beginning in September to give borrowers more options to stay in their homes than government programs currently allow.

The inventory of repossessed homes held by the Department of Housing and Urban Development reached a three-year low because of servicing and foreclosure delays. But the more than 707,000 severely delinquent FHA-backed mortgages hovered around a record high since the start of the year.

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