Mortgage defaults rise 35% y-o-y to new record
The Mortgage Insurance Companies of America is reporting a 35% increase in defaults of privately insured U.S. mortgages since November 2006. Defaults rose in November to 61,033 from 45,325 last November. This marks the first time defaults numbered over 60,000 since 2001. Missed payments increased 2.9% from October.