May
20
2008
U.S. Insured Mortgage Defaults Up 37 Pct in March
Author: Byron UdellDefaults on privately insured U.S. mortgages rose 37.2 percent in March, as a growing number of homeowners failed to keep up with loan payments. The Mortgage Insurance Cos of America said on that 58,131 insured borrowers were at least 60 days late on payments in March. That is up from 42,362 a year earlier, but down 4.6 percent from February’s 60,911.
The March figures marked the first time in four straight months defaults had not exceeded 60,000.The number of mortgage holders who are late on payments is key because this is often a precursor to foreclosure.
