First mortgage defaults rise for the first time since last December

The first mortgage default rate rose to 3.05 percent nationwide in November, in that measure’s first monthly increase since December 2009, Standard & Poor’s and Experian said today. While the month-over-month gain was 4.95 percent, the first mortgage default rate is still down 34.84 percent from last year at this time. The default rate for second U.S. mortgages — 1.8 percent — was also up 0.65 percent over the default rate in October. That represents a nearly 50 percent decline from the second mortgage default rate in November 2009. Overall, the Miami metropolitan area saw a 46 percent rise in consumer credit defaults — which includes both first and second mortgages as well as bank card and auto loans — since October, and a 23 percent drop since November 2009. TRD