Wednesday, March 31, 2010
The turn in real estate
March 31 (Bloomberg) -- Borrowers who caught up on overdue mortgages outnumbered people who became newly delinquent on insured home loans for the first time in almost four years. PMI Group Inc. led mortgage insurers higher in New York trading.
In February, 68,675 homeowners with privately insured mortgages fell into default, compared with 80,758 who got back on track, a report today from the Washington-based Mortgage Insurance Companies of America said. In January, MICA reported 52,528 new defaults and 31,616 cures. The trade group last reported that recoveries exceeded defaults in March 2006.
“The significance is substantial, it’s enormous,” said Matthew Howlett, an analyst with Macquarie Group Ltd. Recoveries outpacing new defaults “signals a turning point” for mortgage insurers, he said.
How about commercial:
Teen shopping is back, Best Buy is back, and consumers are spending.
Oh My! Would someone get Meredith Whitney on the wire, and ask her what happened?
What happened to the credit card implosion that was supposed to hit?
How about the other 25% drop in home prices that was supposed to hit?
And now you have mobs at courthouses trying to buy foreclosed properties.
Posted by Palmoni at 3:10 PM