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The percentage of borrowers who have dropped behind on their mortgage payments fell to a four-year low in the first three months of 2012, a bankers’ group said Wednesday.

The Mortgage Bankers Association said Wednesday that the percentage of loans delinquent or already in the foreclosure process during the first quarter was 11.33%, the lowest level since 2008. That was a decrease of 1.2 percentage points from a quarter earlier and 0.98 percentage point below the rate 12 months earlier.

"Delinquencies are clearly continuing to improve," said Michael Fratantoni, the MBA’s vice president for research and economics.

Another hopeful sign is the falling percentage of borrowers who are just getting into trouble, ones who have missed one payment. That’s useful for predicting the more seriously delinquencies to come.

"Newer delinquencies, loans one payment past due as of March 31, are down to the lowest level since the middle of 2007, indicating fewer new problems we will need to deal with in the future," said Fratantoni.

These new delinquencies represented 3.1% of loans outstanding, according to Jay Brinkmann, the MBA’s chief economist. That matches the long-term historical average of 3.1% going back to the 1990s, he said.

"Basically, we’re back to normal on that count," he said.

One factor that has slowed the healing is the continued difficulty lenders face moving foreclosures through the pipeline, especially in states that involve the courts in the foreclosure process guaranteed online payday loans.

In the so-called judicial states, 6.9% of loans are in foreclosure inventory, loans that the banks have begun the legal process of foreclosing on but have not yet taken control of the property through a foreclosure sale.

In non-judicial states, where foreclosures are handled by trustees such as title companies, only 2.9% of loans are in foreclosure inventory.

The difference is mostly the speed that banks can move defaults through the system, said Brinkmann.

Bank of America offering up to $30,000 for short sales

One way banks have started to reduce foreclosures is that they are now encouraging short sales, the deals in which borrowers sell their homes for less than what the owe, leaving the banks to absorb the losses.

That can also move delinquent borrowers out of the homes more quickly.

Banks also know that short sales are less costly to them than foreclosures, in which expenses such as property taxes, insurance and maintenance can mount up. In addition, homes repossessed in foreclosures often come to the bank in poor condition, and they command lower prices, on average, than short sales.

The mortgage lenders now often pay large incentives to borrowers willing to cooperate in getting short sales done. For instance, Bank of America is offering some struggling homeowners payments of up to $30,000 if they sell their homes in a short sale and avoid ending up in foreclosure.  

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One of the region’s biggest casinos is about to get a new owner.

Penn National Gaming on Monday announced a deal to buy Harrah’s Maryland Heights Casino from Caesars Entertainment for $610 million. The purchase, expected to close by the end of the year, will give the fast-growing Pennsylvania gaming company a deeper foothold in the $1.1 billion St. Louis casino market, eight years after it bought locally based Argosy Gaming.

“The planned addition of Harrah’s St. Louis will further expand Penn National’s regional operating platform with a facility that is extremely well-positioned in a large metropolitan market,” said Penn CEO Peter Carlino.

The casino, which opened on the Missouri River in 1997, is the region’s second-busiest by revenue. Gamblers spent $268.4 million there last year, according to the Missouri Gaming Commission, down 1.2 percent from 2010.

It has a 500-room hotel, 4,600-car parking garage and 2,600 slot machines. But the property has seen relatively little investment in recent years, even as new rivals around the region have opened up and old ones have expanded.

Its parent company, Caesars, was acquired by private equity firms in 2008, and went public in February. Chief executive Gary Loveman has said he hoped to sell some properties to fund new projects.

“The sale of this property exemplifies our strategy to maximize returns from our mix of assets through investments in new markets as well as occasional divestitures,” he said. “We are committed to expanding our distribution network into growth markets that have the potential for high returns no fax payday loan.”

While Caesars is selling, Penn has been growing.

The company bought a casino in Las Vegas last year and has opened new properties in Maryland, Ohio and, just this February, Wyandotte County, Kansas. It has had a presence in the St. Louis market — owning the Argosy Alton — since buying Argosy Gaming in 2004 for $1.4 billion.

Having two casinos in the St. Louis market could help Penn save money on marketing and back office costs. But spokesman Joe Jaffoni said that synergy was not a major factor in the deal.

“(Maryland Heights) is just a good asset. It’s got a good long-term operating history,” he said. “It’s pretty much in the Penn National sweet spot.”

After the sale goes through, Penn will re-brand the casino to its “Hollywood” brand, which it uses at 11 other properties and “will invoke the glamour of 1930s art deco Hollywood.”

The deal will need approval by the Missouri Gaming Commission, which vets all casino-license holders in the state. Penn already owns a property in Kansas City, so that process may be quicker than if it were a new company to the state.

The casino employed nearly 1,900 people in 2010, according to Maryland Heights financial documents. There was no word Monday on how the sale might affect workers there.

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Payday loans no faxing fall on the less risky side simply because the money loaned to you is a percentage of your next paycheck.

One month of slower job growth might have been a blip. Two suggest a worrisome trend: The economy may be faltering again.

The United States generated just 115,000 jobs last month, well below expectations and the fewest since October. The unemployment rate fell to 8.1 percent, but for the wrong reason _ workers abandoned the labor force.

From December through February, employers added 252,000 jobs a month on average. But the figure dipped in March and dropped further in April, raising doubts about an economic recovery that can’t seem to reach escape velocity.

The report Friday by the Labor Department indicated “an economy that is losing momentum _ especially on the jobs front,” said Tom Porcelli, chief U.S. economist at RBC Capital Markets.

It also dealt a blow to President Barack Obama’s re-election prospects. His presumed Republican opponent, Mitt Romney, called the report “very disappointing.”

Romney said the country should be adding 500,000 jobs a month and said any unemployment rate above 4 percent is “not cause for celebration.” The rate has not been that low seen since the last days of the Clinton administration.

“We seem to be slowing down, not speeding up,” Romney said on Fox News Channel. “This is not progress.”

Obama, at a Virginia high school to promote a freeze on interest rates for student loans, focused on the six-month total of more than 1 million jobs created. But he said: “We’ve got to do more.”

The 8.1 percent unemployment rate is the lowest since January 2009, the month Obama was sworn in.

Still, the weak job growth caused stocks to fall sharply on Wall Street. The Standard & Poor’s 500 index lost 1.6 percent and closed its worst week of the year. The price of oil fell more than 4 percent because of fears of a slowing economy, which should mean lower gasoline prices soon.

Some of the slower job growth may be because an unusually warm winter allowed construction firms and other companies to add workers ahead of schedule in January and February, effectively stealing jobs from the spring.

The weaker job growth in March and April “looks like some weather payback,” said Paul Ashworth, chief U.S. economist at Capital Economics.

The balmy weather probably exaggerated job growth in the winter and makes it look small now, Ashworth said. He expects job creation to settle into a lackluster range between 175,000 and 200,000.

The economy may not be growing fast enough to produce anything stronger. Economists surveyed by The Associated Press expect the economy to grow 2.5 percent this year. That is consistent with monthly job growth of only about 135,000, according to calculations by Brad DeLong, an economist at the University of California, Berkeley.

That is barely enough to keep up with population growth not nearly enough to recover the jobs lost in the Great Recession quickly. At this year’s pace, it will take until May 2014 to restore employment to its 2008 peak of 138 million.

The United States has only recovered 3.8 million, or 43 percent, of the 8.8 million jobs lost between the peak, in February 2008, and January 2010.

David Boyce, 30, is one of those still looking for work. He lost his sales job two years ago and ran out of unemployment benefits in September. He and his wife, who is working reduced hours as a nanny, are struggling to get by.

“We lived off savings for a while,” he said. “And now we’re living off ramen noodles basically.”

April’s hiring slump was broad. Only two of 10 large categories tracked by the government, retailers and professional and business services, hired more workers in April than they did in March Low fee payday loans.

The categories of manufacturing and education and health services added the fewest jobs in five months. Hotels, restaurants and entertainment companies added the fewest in eight months.

Friday’s report noted that that the average hourly wage went up one penny in April. Over the past year, average pay has increased 1.8 percent, almost a full percentage point shy of the inflation rate, which means the average American isn’t keeping up with price increases.

Even April’s bright spot, the lower unemployment rate, fades on closer inspection.

The government only counts people as unemployed if they’re looking for work. And 340,000 Americans stopped looking and dropped out of the labor force in April, which is why the unemployment rate fell slightly. The dropouts mean just 63.6 percent of working-age Americans were working or looking for work, the lowest since 1981.

It has been almost three years since the Great Recession ended in June 2009. Economists say countries usually flounder for several years after a financial crisis like the one that hit the United States in 2008.

Damaged banks are reluctant to lend. Borrowers who took on too much debt in the good times change their ways, cut their spending and try to repair their finances. The economy grows slowly.

And after this financial crisis, the economy is trying to gather speed without two of the engines that usually help power economic recoveries: housing and government spending.

A housing collapse caused the crisis, and home construction isn’t doing much to lead the way out. Housing hasn’t contributed to economic growth since 2005, though a recent burst of apartment construction might change that this year.

Government hiring also normally boosts employment after a recession. Not this time. Cities, towns and counties, especially, have been cutting employment. Private employers have added jobs every month since February 2010, noted Gary Burtless, senior fellow in economic studies at the Brookings Institution. Over that same period, government payrolls have dropped by 500,000.

Local governments are beginning to recover some of the tax revenue lost in the recession and its aftermath. But government hiring hasn’t started yet: 15,000 government workers, most of them in local schools, lost their jobs in April.

The recovery has one thing going for it: Even meager gains in jobs will feed on themselves and create growth that eventually becomes self-sustaining. The hiring leads to spending, which stimulates demand and leads to more hiring, which leads to more spending. The country has created 1.5 million jobs in eight months.

The economists AP surveyed said they believe the economy has entered such a “virtuous cycle.” But they said they don’t expect unemployment to reach a healthy level _ below 6 percent _ until 2015 or later.

Until then, many companies are likely to behave like the North American division of Philips, the healthcare and consumer products company. It is hiring, but more slowly than in years past.

The company is trying to fill 400 jobs, including 127 in Cleveland, where it has a plant that makes medical imaging equipment. Things are improving, said Cynthia Burkhardt, the company’s vice president of talent acquisition. But “I wouldn’t say that we’re full steam ahead right now. Everyone’s cautious about the economy.”

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News Corp. chief Rupert Murdoch is unfit to lead his global media empire, an influential group of British lawmakers said Tuesday.

In a scathing report, the lawmakers said his company misled Parliament about the scale of phone hacking at one of its tabloids.

Parliament’s cross-party Culture, Media and Sport committee said News International, the British newspaper division of Murdoch’s News Corp., had deliberately ignored evidence of malpractice, covered up evidence and frustrated efforts to expose wrongdoing.

Murdoch has insisted he was unaware that hacking was widespread at his now-shuttered News of the World tabloid, blaming underlings for keeping him in the dark.

The legislators said if that was true, “he turned a blind eye and exhibited willful blindness to what was going on in his companies.”

“We conclude, therefore, that Rupert Murdoch is not a fit person to exercise the stewardship of a major international company,” the report by the panel of 11 lawmakers said.

Labour Party panel member Tom Watson said the decision had not been unanimous, and Conservative lawmakers Louise Mensch _ who opposed condemning Murdoch _ said the split had been along party lines Same day payday loans.

The judgment on Murdoch implies that News Corp., which he heads, is also not a fit to control British Sky Broadcasting, in which News Corp. holds a controlling stake of 39 percent.

The committee agreed unanimously that three key News International executives misled Parliament by offering false accounts of their knowledge of the extent of phone hacking at the News of The World _ a rare and serious censure which usually demands a personal apology to legislators.

Murdoch closed down the 168-year-old Sunday tabloid last July amid public revulsion at the hacking of voice mail messages of celebrities and victims of crime, including murdered schoolgirl Milly Dowler.

Throughout the scandal, News International’s approach “was to cover up rather than seek out wrongdoing,” the legislators wrote.

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Federal Reserve Chairman Ben S. Bernanke said the central bank remains prepared to take additional action if needed to boost the economy.

Portuguese bond yields, the highest after Greece

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Chinese Premier Wen Jiabao is demanding tougher anti-corruption efforts amid a huge political scandal over a now-suspended Politburo member whose wife has been named a suspect in the murder of a British businessman.

Wen’s message, published Monday, differed little from previous calls to fight endemic corruption. But it comes amid a nationwide drive to support the Communist Party’s decision to oust Bo Xilai from key positions and launch an investigation into what are described as serious breaches in discipline.

Media reports have raised questions about whether he tried to abuse his power to quash the investigation into his wife, Gu Kailai. Gu and a household employee are being investigated over the suspected murder of the Briton Neil Heywood.

There also have been strong suspicions that Bo, 62, grew fabulously wealthy through his ability to approve investments and make political appointments, although he has not been directly accused of any graft.

Wen wrote in an essay published in the party’s main theoretical journal, Qiushi, that despite a series of measures enacted to curb corruption, greater determination and more effective anti-corruption tools are still needed.

Greater transparency and a reduction in the concentration of powers among some government departments is also needed to allow effective citizen supervision, Wen said.

“We need to deeply acknowledge that the greatest threat to the ruling party is corruption,” Wen wrote.

Wen did not mention Bo by name or refer to the case directly. However, Wen has been the only top official to speak publicly about the matter, saying at his annual news conference last month that Chongqing officials need to understand its seriousness and put their house in order.

Also Monday, party newspaper Guangming Daily published the latest in a series of state media editorials calling on readers to support action against Bo and his wife and not to believe speculation that the politician’s sidelining is linked to infighting among top leaders.

“Handling the serious breach of discipline is a measures embraced by the whole of the party and so-called ‘inner-party conflict’ has nothing to do with it,” the editorial said.

Bo was once considered a leading candidate for the party’s all-powerful Politburo Standing Committee when seven new members are expected to be picked at a party congress in the fall, in the first step in a generational handover of power to younger leaders.

However, his removal as Chongqing’s Party Secretary on March 15 and suspension of his membership in the Politburo last week have effectively ended his political prospects and he could face trial no fax payday advance.

A leaked transcript of a party official’s briefing on the Bo matter, widely reported last month on Chinese online news sites, said that Bo’s former police chief accused him of trying to halt an investigation into a family member, although the statement did not specify which member or for what crime. State media has since promised a thorough investigation into Bo, stressing that no one is above the law and no party member can interfere with police investigations.

Bo is the first Politburo member to be removed from office in five years and the scandal kicked up rumors of a political struggle involving Bo supporters intent on derailing succession plans calling Vice President Xi Jinping to lead the party for the next decade. Such allegations are fed by the same secrecy, political privilege and lack of outside supervision that are blamed for making high-level corruption such a major problem.

Efforts to require leading officials to declare their assets have found little traction while rules prohibiting officials and their family members from using political connections for personal gain are routinely flouted.

Bo was fired after Chongqing’s former chief of police, Wang Lijun, made an extraordinary visit to the U.S. consulate in the southwestern city of Chongqing in early February. Wang is believed to have expressed his suspicions about the November death of Heywood to the Americans, who then tipped-off British diplomats who formally requested that China further investigate. The party last week said Heywood previously had a close business relationship with Gu and the couple’s son, Bo Guagua, who attended schools in Britain, but that the ties had recently soured.

Wang was taken into custody and flown to Beijing after leaving the consulate on Feb. 6 and has not been heard from since. Bo and Gu are believed to be under some form of detention in Beijing but no details have been released on the state of the investigation or a possible trial.

Asked Monday about the Heywood case, Foreign Ministry spokesman Liu Weimin said that it was being handled under Chinese law but would take time to investigate fully.

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China swung to a surprise trade surplus of $5.35 billion in March as exports grew faster than expected and import growth eased from a 13-month peak, customs data showed on Tuesday.

Import and export growth were both down sharply from February’s Lunar New Year distorted surge, and within sight of the government’s target of 10 percent expansion for 2012.

The data reinforced the view of most analysts that China’s trade-sensitive economy is set for a soft landing, with GDP growth likely to have eased for a fifth successive quarter to 8.3 percent in the first three months of 2012 and remaining on course for its slowest year of expansion in a decade.

“The trade data looks okay… it shows the global economy is recovering, albeit slowly,” said Zhou Hao, an economist with ANZ Bank in shanghai.

“Given that China had a trade surplus in the first quarter versus a deficit in the Q1 last year, it indicates a positive contribution to GDP growth. We reckon Q1 GDP growth should be 8.6 percent. I think the market is a bit too pessimistic about China’s economy.”

Import growth of 5.3 percent in March compared with economists’ expectations of 9.0 percent and February’s 39.6 percent growth, while export growth of 8.9 percent compared with a consensus call for 7.2 percent, still a marked easing from February’s 18.4 percent rate.

The two numbers left the overall trade balance in surplus, reversing February’s $31.5 billion run of red ink on the balance of payments and confounding market expectations of a $1.3 billion deficit.

But despite the unexpected return to surplus, the relatively slack pace of export growth may still concern investors who believe the risks of recession in the debt-ridden European Union — China’s top export market — could be a dangerous drag on growth in the world’s number 2 economy.

March data provided the first hard economic numbers of the year not distorted by the impact of the Lunar New Year holiday that fell in January this year, causing considerable skew in comparisons with the February 2011 holiday.

China’s data releases build to a crescendo through the week with first quarter GDP numbers expected to be published on Friday and forecast to show the slowest quarter of growth in nearly three years.

Inflation data published on Monday kept the government on stand-by to deliver more growth-oriented policies, with a trend of easing consumer costs in the first quarter confirmed while producer prices revealed risks to the industrial sector recovery.

The People’s Bank of China has cut the proportion of deposits banks must keep as reserves by 100 basis points in two moves since autumn 2011 in a bid to keep credit growing in the face of a recent slowdown of foreign capital inflows, which had underpinned money supply growth for much of the last decade.

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Ford Motor Co. is raising its forecast for U.S. auto sales this year, citing improving consumer confidence, employment, low interest rates and other factors.

Ford’s Americas President Mark Fields said Wednesday that the company now expects full-year U.S. sales in the range of 14.5 million to 15 million. That’s up from 13.5 million to 14.5 million at the beginning of this year.

“We had been planning for industry sales to improve to this level, but it has happened a bit sooner than we planned,” Fields said guaranteed approval cash loans.

Fields said Ford will likely lose market share because it won’t make enough vehicles to satisfy demand. The company may add production capacity in the fourth quarter, he said.

Automakers posted their best monthly sales since 2007 in March, with 1.4 million vehicles sold.

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