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Mortgage Default Rate Hits Lowest Level In Almost Eight Years

Indicating continued stabilization of the housing market, the first mortgage default rate dropped in April to 1.01%, the seventh-consecutive monthly decline and the lowest level seen since July 2006, according to the just-released S&P/Experian Consumer Credit Default Indice report.  In April, 2013, the  first mortgage default rate was 1.31%.

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