First mortgages in default were down 14% in February compared to a month earlier, and down 42% compared to a year earlier. Second mortgages in default were down 3% compared to January and 52% compared to a year earlier.
Similar declines were seen in bank card and auto loan defaults.
â€œDefault rates continue to fall across all major categories and year-over-year across the five highlighted cities,â€ said Craig Feldman, director at S&P Indices. â€œThe overall trend lasted a number of months now, reflecting improved consumer health and the appearance of a continued economic recovery.â€
But another study out recently by Core Logic showed 23% of U.S. homes were in negative equity at the end of 2010.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
The number of Americans defaulting on their mortgages has steadily been declining, according to February data out this week for the Standard & Poorâ€™s/Experian Consumer Credit Default Indices.