The Real Deal Miami

U.S. mortgage defaults see dramatic 45 #fff;background:#660

July 20, 2010 01:30PM

The U.S. first mortgage default rate was 3.3 percent in June, down 5 percent month-over-month and 45.2 percent yearoveryear, according to a report from Standard & Poor’s and Experian, released today. Second mortgage defaults also declined to 2.4 percent, down .03 percent from May and 44.5 percent from June 2009. Overall, consumer credit defaults, which include defaults on bank card loans and auto loans in addition to mortgages, dropped to 3.44 percent in June, a 4.5 percent month-over-month dip and a 40 percent decline yearoveryear, according to the report. Miami, with a 8.53 percent default rate, saw consumer credit defaults drop 8.1 percent month-over-month and 53.6 percent yearoveryear. TRD