Summary Box: Delinquent mortgages rise

AP News
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Posted: Aug 22, 2011 5:29 PM
Summary Box: Delinquent mortgages rise

DELINQUENCIES UP: The number of Americans at risk of foreclosure rose slightly in the April-June quarter to 8.44 percent of all homeowners, the Mortgage Bankers Association said Monday. In a normal market, the percentage of delinquent borrowers is only about 1.1 percent.

LOWER THAN LAST YEAR: Missed mortgage payments have fallen from a record high of more than 10 percent a year ago. But the decline is due partly to delays in foreclosure filings that are backlogged in state courts.

LIKELY TO RISE: The end of an investigation into faulty foreclosure paperwork will likely lead to increased foreclosures later this year.