What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
Report: Homeowners Getting Back on the Right Track
✉️ Want to forward this article? Click here.
A recent report from Standard & Poor’s and Experian revealed that first and second mortgage default rates decreased last month to 2.09 percent and 1.42 percent, respectively, down from April values of 2.16 percent and 1.51 percent.
However, the real change in these rates can be seen over the last 12 months. A year ago, default rates for first mortgages stood at 3.45 percent and 2.41 percent for second mortgages. This drop is statistical evidence that homeowners are getting their balance sheets in order.
From the report:
“While we might observe volatility from month-to-month, looking at default rates over the past few years it is easy to see that consumers have come a long way in fixing their balance sheets,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “All indices show default rates below where they were this time last year, and more so if you look back to 2008/2009.”
To put the current rates into perspective, in May 2009, the default rate for first mortgages was 5.67 percent and 4.41 percent for second mortgages.
See other articles related to: default rates, experian, mortgage rates, standard and poor's
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/report_homeowners_getting_back_on_the_right_track/3706.
Most Popular... This Week • Last 30 Days • Ever
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro