Borrowers who had their mortgages modified recently are faring better than those who had them altered earlier in the housing crisis.

That's according to a report Tuesday by a group of state banking and law enforcement officials. They say the findings suggest that earlier predictions of a coming wave of defaults may not pan out.

The State Foreclosure Prevention Working Group compared delinquencies in mortgages modified last year with those revised in 2008. Those modified more recently were nearly 50 percent less likely to be seriously delinquent six months after modification than those revised a year earlier.

However, the group notes that the number of foreclosures continues to far outpace the number of loan modifications.