More at risk of foreclosure in 2nd quarter

Associated Press

WASHINGTON

The number of Americans at risk of foreclosure is rising, reflecting the U.S. economy’s continued struggles.

The Mortgage Bankers Association said Monday that 8.44 percent of home-owners missed at least one mortgage payment in the April-June quarter. That figure rose 0.12 percentage point from the January-March period.

In a normal market, the percentage of delinquent borrowers is about 1.1 percent, according to the trade group.

Delinquent mortgages have plummeted from a record high of more than 10 percent of residential mortgages a year ago. But the decline is due partly to delays in foreclosure filings that are backlogged in several state courts.

The end of a state and federal investigation into faulty foreclosure paperwork will likely lead to increased foreclosures later this year.

Analysts say the increase is due mainly to high unemployment.