>

St Louis Real Estate Search

Mortgage Default Rates Improve In June

Dennis Norman

Finally, 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.

 

Print Friendly, PDF & Email

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>