...One-to-Two Months Arrears Increase: The number of borrowers in early stage arrears in April 2014 increased to 0.51%, from 0.48% in January 2014. Stable Late-Stage Arrears: Meanwhile loans in arrears by three-months or more (3m+) remained broadly stable at 0.83%. Realised Losses Limited: Transactions continue to report limited losses on sold properties. As of April 2014, cumulative losses accounted for 17bp of the original pool balance. Home Prices Stabilising: The limited losses are not a surprise, as for the third consecutive quarter, home prices are showing signs of stabilisation. Data from CBS show home prices marginally decreasing in 1Q14. This is in line with Fitch's expectation of home prices bottoming out in 2014....
