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Bonneville Seattle is raising funds for the construction of a second Fisher House at Joint Base Lewis-McChord in Tacoma and we need your help.More manageable mortgages bring fewer defaults
on September 21, 2012 @ 8:22 am (Updated: 7:56 am - 9/25/12 )
More homeowners are finding their mortgages more manageable as fewer borrowers default on their mortgage, according to Standard & Poor's and Experian credit data.
The report marks the eighth consecutive month that the number of people defaulting on their mortgage has dropped.
According to Standard & Poor's and Experian, default rates are now meeting post-recession lows. The rate for first mortgage defaults was 1.4 percent in August compared to 1.92 percent a year ago. The default rate on second mortgages dropped 0.72 percent in August compared to July. The second mortgage default rate was 1.27 percent a year ago.
"There are still a substantial number of loans outstanding that defaulted in the past and that segment of the market is still of concern," says David Blitzer, managing director and chairman of the index committee at Standard & Poor's. "But the drop in mortgage default rates is a good sign for the housing market and the consumer."
Tom Kelly has been a professional journalist for 36 years. He served The Seattle Times for 20 years, many as Real Estate Editor.
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