Lack of new jobs put more American family at risk of foreclosure!
According to associate press one in 10 American households with a mortgage is at risk of losing its home, and the foreclosure crisis could worsen if jobs remain scarce!
About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said Thursday. That number, adjusted for seasonal factors, was barely down from a record-high of more than 10 percent as of April 30.
The Labor Department said requests for unemployment benefits fell sharply last week. The drop in first-time claims to a seasonally adjusted 473,000 was the first decline in a month and a hopeful sign after a raft of dismal economic reports!
Still, unemployment claims remain much higher than they would be in a healthy economy. Employers are reluctant to hire as economic growth appears to be slowing.
The number of Americans who are missing payments and falling into foreclosure has followed the upward the economy has grown for four straight quarters. But the pace has slowed from a 5 percent annual rate in last year's fourth quarter to 3.7 percent in the January-to-March period. It has weakened even further in the past several months trend in unemployment. The jobless rate has remained near double digits all year.
This is just FYI only!
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