Lower mortgage rates and higher defaults. Low mortgage rates don't help homeowners that are upside.
The number of Americans at risk of foreclosure is rising, reflecting the U.S. economy's continued struggles.
The Mortgage Bankers Association says 8.44 percent of homeowners missed at least one mortgage payment in the April-June quarter. That figure, which is adjusted for seasonal factors, 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.
Link HereThe end of a state and federal investigation into faulty foreclosure paperwork will likely lead to increased foreclosures later this year.