...Asset Performance Stable: Serious delinquency (60+ day) improved by roughly 100 bps over the past quarter, helped by tax refund season. The improvement also reflects rising home prices, positive selection among remaining borrowers and continued job growth. Liquidation Rates Rise: After seven quarters of declines, liquidation rates (CDRs) rose modestly in the second quarter. Home sales volume (including distressed) have benefited from greater demand, driven by slower home price growth, low mortgage rates and warmer weather after a harsh winter. Rates Fall: Mortgage rates fell roughly 30 bps in the second quarter and are 45 bps lower than the recent peak in August 2013. Home Prices Rose: National home prices continued their gains, rising in nine straight quarters. While prices continue to rise, the rate has slowed noticeably, as last month reported the smallest increase since the start of 2012....
