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Daily Real Estate News | May 1, 2008 |
Mortgage Insurers: Defaults Drop
The Mortgage Insurance Co. of America (MICA) says there are signs more homeowners are recovering from their financial issues and paying their mortgages on time.
"In the past month, cures – or borrowers once headed for foreclosure but now back on track – have risen slightly," says Suzanne Hutchinson, an executive vice president at the trade group.
In March, there were 50,585 cures reported, a 5.5 percent increase from February and 42.6 percent over the number of cures in January, when defaults rose to a record high.
Defaults on privately insured U.S. mortgages still remain high with 58,131 insured borrowers at least 60 days late on payments. That’s up from 42,362 – 37.2 percent – from a year ago, but down from February figures. The March figures marked the first time in four straight months that there had been fewer than 60,000 defaults, according to MICA.
Source: MICA
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