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More U.S. homeowners miss to pay mortgage in Q2

(Xinhua)

08:56, August 23, 2011

WASHINGTON, Aug. 22 (Xinhua) -- The number of Americans that could not pay their mortgage on time is rising, reflecting the struggling housing market and economy as a whole, reported a leading industry organization on Monday.

The Mortgage Bankers Association (MBA) said that the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 8.44 percent of all loans outstanding as of the end of the second quarter of 2011, an increase of 12 basis points from the first quarter of 2011.

The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure.

Analysts said that the increase in delinquency rate indicates that both the housing market and the economy will remain weak for a few years.

U.S. economy, which grew 0.4 percent and 1.3 percent in the first and second quarter respectively, is not expected to grow much faster in the next half of this year.

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