Mortgage defaults fall to lowest level in 5 years

By Dennis Norman, on June 21st, 2012

According to a report just released by S&P Experian, the first mortgage default rate fell by more than a quarter of a percent (26 basis points) in May compared to April and is the lowest rate since May 2007. The second mortgage rate also fell during the month, by 5 basis points, and is at a seven year low.

Mortgage defaults and delinquencies are the pre-cursor to foreclosures and foreclosures are the enemy of home prices so this is good news and a trend that, if it continues, should point the way to a housing recovery.

Related posts:

1. FDIC Launches Foreclosure Prevention Initiative
2. Report shows foreclosure inventories on the rise; 8 times higher than normal levels
3. St. Louis Foreclosure Rates Declines in March; 3rd consecutive monthly decline
4. Mortgage Delinquencies and Foreclosure Inventory Decrease In May
5. Mortgage delinquencies decline in August; down almost 12 percent from year ago

1,152 comments to Mortgage defaults fall to lowest level in 5 years

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