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Mortgage Defaults Drop in February
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Mortgage Defaults Drop in February
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Mortgage Defaults Drop in February
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March 16, 2011 (Brian Moore)
mortgage-down-arrow-image
First mortgage defaults rates declined to 2.45 percent in February 2011, which was14.04 percent lower than January 2011 and 43.27 percent lower than February 2010 according to the Standard & Poor/Experian Consumer Credit Default Indices.

Second mortgage defaults also experienced a decline to 1.46 percent, which was 3.41 percent lower than the previous month and 52.10 percent lower than the year before.

“Default rates continue to fall across all major categories and year over year across the five high-lighted cities. The overall trend has lasted a number of months now, reflecting improved consumer health and the appearance of continued economic recovery,” says Craig Feldman, Director at S&P Indices.

Consumer credit defaults showed a decline in monthly default rates across all credit lines which included not only first and second mortgages, but also bank cards and auto loans.

Among the five major Metropolitan Statistical Areas reported each month in the report, Los Angeles experienced a steady decrease in defaults this month to 2.70 percent. New York and Miami followed the trend with default rates of 2.53 percent and 6.05 percent. Dallas had the largest decrease in default rates to 1.78 percent. Chicago had an increase in defaults to 2.83 percent.

The table gives summary results for February 2011 for the S&P/Experian Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

S&P/Experian Consumer Credit Default Indices

National Indices

Index February
Index
Level
Change
from
January,
2011
Change
from
February
2010
Composite 2.54 -12.50% -42.28%
First Mortgage 2.45 -14.04% -43.27%
Second Mortgage 1.46 -3.41% -52.10%
Bank Card 5.67 -7.50% -32.92%
Auto Loans 1.58 -0.05% -36.96%

Source: S&P/Experian Consumer Credit Default Indices
Data Through: February 2011

The second table provides the S&P/Experian Consumer Default Composite Indices for five selected metropolitan statistical areas:

Metropolitan Statistical Area February
Index Level
Change from
January,
2011
Change from
February
2010
New York 2.53 -4.43% -38.35%
Chicago 2.83 2.86% -38.05%
Dallas 1.78 -13.96% -43.17%
Los Angeles 2.70 -2.05% -55.15%
Miami 6.05 -6.32% -51.08%

Source: S&P/Experian Consumer Credit Default Indices
Data Through: February 2011

Tags: Standard & Poor/Experian, consumer credit default indices, first mortgage defaults, second mortgage defaults, default rates

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March 16, 2011 (Brian Moore)
mortgage-down-arrow-image
First mortgage defaults rates declined to 2.45 percent in February 2011, which was14.04 percent lower than January 2011 and 43.27 percent lower than February 2010 according to the Standard & Poor/Experian Consumer Credit Default Indices.

Second mortgage defaults also experienced a decline to 1.46 percent, which was 3.41 percent lower than the previous month and 52.10 percent lower than the year before.

“Default rates continue to fall across all major categories and year over year across the five high-lighted cities. The overall trend has lasted a number of months now, reflecting improved consumer health and the appearance of continued economic recovery,” says Craig Feldman, Director at S&P Indices.

Consumer credit defaults showed a decline in monthly default rates across all credit lines which included not only first and second mortgages, but also bank cards and auto loans.

Among the five major Metropolitan Statistical Areas reported each month in the report, Los Angeles experienced a steady decrease in defaults this month to 2.70 percent. New York and Miami followed the trend with default rates of 2.53 percent and 6.05 percent. Dallas had the largest decrease in default rates to 1.78 percent. Chicago had an increase in defaults to 2.83 percent.

The table gives summary results for February 2011 for the S&P/Experian Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

S&P/Experian Consumer Credit Default Indices

National Indices

Index February
Index
Level
Change
from
January,
2011
Change
from
February
2010
Composite 2.54 -12.50% -42.28%
First Mortgage 2.45 -14.04% -43.27%
Second Mortgage 1.46 -3.41% -52.10%
Bank Card 5.67 -7.50% -32.92%
Auto Loans 1.58 -0.05% -36.96%

Source: S&P/Experian Consumer Credit Default Indices
Data Through: February 2011

The second table provides the S&P/Experian Consumer Default Composite Indices for five selected metropolitan statistical areas:

Metropolitan Statistical Area February
Index Level
Change from
January,
2011
Change from
February
2010
New York 2.53 -4.43% -38.35%
Chicago 2.83 2.86% -38.05%
Dallas 1.78 -13.96% -43.17%
Los Angeles 2.70 -2.05% -55.15%
Miami 6.05 -6.32% -51.08%

Source: S&P/Experian Consumer Credit Default Indices
Data Through: February 2011

Tags: Standard & Poor/Experian, consumer credit default indices, first mortgage defaults, second mortgage defaults, default rates

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

March 16, 2011 (Brian Moore)
mortgage-down-arrow-image
First mortgage defaults rates declined to 2.45 percent in February 2011, which was14.04 percent lower than January 2011 and 43.27 percent lower than February 2010 according to the Standard & Poor/Experian Consumer Credit Default Indices.

Second mortgage defaults also experienced a decline to 1.46 percent, which was 3.41 percent lower than the previous month and 52.10 percent lower than the year before.

“Default rates continue to fall across all major categories and year over year across the five high-lighted cities. The overall trend has lasted a number of months now, reflecting improved consumer health and the appearance of continued economic recovery,” says Craig Feldman, Director at S&P Indices.

Consumer credit defaults showed a decline in monthly default rates across all credit lines which included not only first and second mortgages, but also bank cards and auto loans.

Among the five major Metropolitan Statistical Areas reported each month in the report, Los Angeles experienced a steady decrease in defaults this month to 2.70 percent. New York and Miami followed the trend with default rates of 2.53 percent and 6.05 percent. Dallas had the largest decrease in default rates to 1.78 percent. Chicago had an increase in defaults to 2.83 percent.

The table gives summary results for February 2011 for the S&P/Experian Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

S&P/Experian Consumer Credit Default Indices

National Indices

Index February
Index
Level
Change
from
January,
2011
Change
from
February
2010
Composite 2.54 -12.50% -42.28%
First Mortgage 2.45 -14.04% -43.27%
Second Mortgage 1.46 -3.41% -52.10%
Bank Card 5.67 -7.50% -32.92%
Auto Loans 1.58 -0.05% -36.96%

Source: S&P/Experian Consumer Credit Default Indices
Data Through: February 2011

The second table provides the S&P/Experian Consumer Default Composite Indices for five selected metropolitan statistical areas:

Metropolitan Statistical Area February
Index Level
Change from
January,
2011
Change from
February
2010
New York 2.53 -4.43% -38.35%
Chicago 2.83 2.86% -38.05%
Dallas 1.78 -13.96% -43.17%
Los Angeles 2.70 -2.05% -55.15%
Miami 6.05 -6.32% -51.08%

Source: S&P/Experian Consumer Credit Default Indices
Data Through: February 2011

Tags: Standard & Poor/Experian, consumer credit default indices, first mortgage defaults, second mortgage defaults, default rates

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.