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The Karol Cooley Team Blog

May 2nd, 2008 9:53 AM

The Mortgage Insurance Co. of America (MICA) says there are signs more homeowners are recovering from their financial issues and paying their mortgages on time.

"In the past month, cures – or borrowers once headed for foreclosure but now back on track – have risen slightly," says Suzanne Hutchinson, an executive vice president at the trade group.

In March, there were 50,585 cures reported, a 5.5 percent increase from February and 42.6 percent over the number of cures in January, when defaults rose to a record high.

Defaults on privately insured U.S. mortgages still remain high with 58,131 insured borrowers at least 60 days late on payments. That’s up from 42,362 – 37.2 percent – from a year ago, but down from February figures. The March figures marked the first time in four straight months that there had been fewer than 60,000 defaults, according to MICA.

Source: MICA

Posted by Taylor Caughron on May 2nd, 2008 9:53 AMPost a Comment (0)