Foreclosures zoomed up 21.1 percent in the third quarter of this year because banks were clear of last year's self-imposed moratorium, The Office of the Comptroller of the Currency says.

The good news was that while still elevated, delinquencies were stable.

"The increase in new foreclosures and the increase in average time required to complete foreclosures sales has resulted in the number of foreclosures in process increasing to 4.1 percent of the overall portfolio, or 1,327,077 loans, at the end of the third quarter of 2011," the report said.

Performing mortgages stayed at the second quarter's 88 percent, the office said, and were below 2010's third-quarter level.

The Wall Street Journal reported that Bruce Krueger, lead mortgage expert at the OCC, told reporters during a conference call, “With this continued high level of seriously delinquent mortgages out there, we will continue to see a high level of new foreclosure starts.... At some point in the relatively near future, we can expect to see the number of competed foreclosure sales … starting to pick up and increase.”