Good news/bad news for mortgage delinquencies, according to Lender Processing Services. In the second half of 2011, the number of seriously delinquent homeowners (those 90 or more days behind) was essentially flat.

Good news: Serious delinquencies were 25 percent lower than at their peak in January 2010.

Bad news: The downward trend for delinquencies seems to have stopped.

As LPS put it in a statement, “[W]hile the situation is not getting markedly worse, it is not improving either,” and cautioned that there are still a lot of delinquencies coming down the pike.

Also worth a note: Of those 90-days-or-more-past-dues loans, Fannie and Freddie started far fewer foreclosures in November. That could indictate lenders getting their paperwork in order (and thus there will be a lot of foreclosures starting stoon), or it could mean that borrowers are working out payment plans or modifications with their lenders.

Read much more from the folks at LPS.