Scarcity of jobs puts more Americans at risk for foreclosures

WASHINGTON (AP) — One in 10 American households with a mortgage is at risk of losing its home, and the foreclosure crisis could worsen if jobs remain scarce.

About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said today. That number, adjusted for seasonal factors, was barely down from a record-high of more than 10 percent as of April 30.

The Labor Department said requests for unemployment benefits fell sharply last week. The drop in first-time claims to a seasonally adjusted 473,000 was the first decline in a month and a hopeful sign after a raft of dismal economic reports.

Still, unemployment claims remain much higher than they would be in a healthy economy. Employers are reluctant to hire as economic growth appears to be slowing.

The number of Americans who are missing payments and falling into foreclosure has followed the upward trend in unemployment. The jobless rate has remained near double digits all year.