Risk of foreclosure dips, but remains elevated

NEW YORK (AP) — Fewer Americans fell behind on their mortgage payments in the final three months of last year, but foreclosures are still rising.

The Mortgage Bankers Association says 8.2 percent of homeowners missed at least one mortgage payment in the October-December quarter. The figure, which is adjusted for seasonal factors, improved from 9.1 percent in the previous quarter and from a high of more than 10 percent in the January-March quarter.

The percentage of homes in the foreclosure process rose to 4.6 percent from 4.4 percent. Foreclosures are expected to peak this year.

Typically, the percentage of seriously delinquent borrowers — those more than 90 days behind on their mortgages or in foreclosure — is just above 1 percent. In the fourth quarter, that figure was 8.57 percent.