Monitor: Eye-Catching Decline in Defaults, Deceleration in Home Prices Sighted

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Posted To: MND NewsWire

The month of March nearly always sees a significant decline in the national delinquency rate. The average March decrease during this century has been just under 11.0 percent. Black Knight has speculated in the past that this is likely because the receipt of tax refunds allows delinquent borrowers to catch up on their mortgage payments. However, this March the correction was, in the words of the company, “eye-catching.” Black Knight’s Mortgage Monito r, covering loan performance details for the month, notes that overall delinquencies dropped 13.2 percent, the largest change since the recovery began. Approximately 569,000 borrowers paid themselves current from some stage of delinquency or foreclosure and 52,000 of those came current from being 90 days or more past due, although not in active…(read more)

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