Posted on Monday, December 27, 2010
A Standard & Poor's/Experian Consumer Credit Default report for December released Tuesday show an increase in monthly mortgage default rates for the first time since December 2009, although the year-over-year decline is 38.84 percent.
Of the five major metropolitan areas tracked in the report, only Dallas had a declining default rate of 2.20 percent. Los Angeles and Chicago defaults were up 3.25 percent and 3.34 percent, respectively. Miami had the largest default rate at 10.26 percent.
The deterioration in the mortgage sector may be temporary as rates of new defaults have been declining for over a year with occasional brief interruptions, says David Blitzer, Experian managing director.
Source: S&P/Experian (12/20/2010)