Good news for the housing market: Defaults on first mortgages declined in the month of June. More specifically, first mortgage default rates declined to 3.3 percent for the month and 45.2 percent from a year earlier as revealed by Experian.
Second mortgage defaults saw a drop in June as well. The monthly drop was 0.03 percent while the drop from the year prior was 44.54 percent.
Experts believe that these drops represent progress as more homeowners are able to manage the cost of their mortgage loan after the recession. However, while mortgage interest rates are still at record lows, homeowners are still not going out and acquiring many new loans (Housing Wire).
