Dennis NormanFinally, some good news! 
This morning Standard & Poor’s released their S&P/Experian Consumer Credit Default Index for June showing that first-mortgage default rates declined 5 percent from the month before and were down 45.2 percent from a year ago.
I have been saying for a while, we are not going to see any sort of sustainable recovery of the housing market until we see mortgage delinquency and default rates decline thereby bringing down the foreclosure rate and ultimately easing the downward pricing pressure on the housing market caused by foreclosures. Maybe, just maybe, this is the beginning of the trend for such a decline in delinquencies. Let’s hope we see similar declines in the coming months.
Related posts:
- Mortgage Default Rate Improves In April
- Homeowners Should Think Twice if Considering a ‘Strategic Default’
- Existing home sales in August improve slightly reaching second-lowest rate in over fourteen years
- Report shows mortgage delinquency ‘Roll Rates’ peaked in summer of 2009; Sign that worst is over?
- Mortgage Defaults Increase In November