MICA Reports Defaults Drop in March

The Mortgage Insurance Co. of America (MICA) reported that "cures" -- borrowers once headed for foreclosure but no back on track -- rose to 55,585.  This was a 5.5% gain from February and a 42.6% jump from 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.