The contradictions of the current housing market are many, including the continued drop in mortgage defaults despite the hobbled economic recovery and widespread drops in housing prices.
S&P Indices and Experian reported today that default rates for first and second mortgages continued to decrease in June, as part of a general decline in defaults across major consumer credit categories. The news was similar for May, as we reported. The numbers vary by region, with some cities hard-hit by the housing crash, such as Miami, showing stubbornly high default rates.
Read the rest of the article at the Wall Street Journal
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