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Defaults Improve for 6 Straight Months

Mortgage News

A new report indicates first-lien defaults have fallen each of the past six months.

Defaults on first mortgages were 3.27 percent in June, according to the S&P/Experian Consumer Credit Default Indices released today from Standard & Poor’s and Experian.

Defaults improved from 3.45 percent in May and have fallen each month since December 2009 when the rate was 4.76 percent. In June 2009, defaults were 5.58 percent.

Second-mortgage defaults were 2.41 percent, unchanged from May and sinking from 4.35 percent in June 2009.

“The data are consistent with reports that people continue to eschew debt and as the slow recovery from recession and financial turmoil continues,” David M. Blitzer, managing director and chairman of the index committee at S&P, said in the news release.

Factoring in auto-loan and credit-card delinquency, the report indicated that defaults in New York declined 12 percent from May, while Miami improved 54 percent from June 2009.

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