The Real Deal Miami

First mortgage defaults rise for the first time since last December

December 21, 2010 03:27PM

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