US: One in 10 with a mortgage faces foreclosure
WASHINGTON DC, United States — One in 10 American households with a mortgage was at risk of foreclosure this summer as the government’s efforts to help have had little impact stemming the housing crisis.
About 9.9 per cent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said yesterday.
That number, which is adjusted for seasonal factors, was down slightly from a record-high of more than 10 per cent as of April 30.
In a worrisome sign, the number of homeowners starting to have problems with their mortgages rose after trending downward last year. The number of homes in the foreclosure process fell slightly, the first drop in four years.
More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to foreclosure listing service RealtyTrac Inc. Economists expect the number of foreclosures to grow well into next year.
