April remittance reports released last week reflected a continued dip in the 30- and 60-day delinquency buckets in most trusts across all the indices, Barclays Capital analysts reported.
According to Barclays, the 30 to 59-day delinquency buckets dropped 1.1% and 60 to 89-day buckets dipped 0.6% on average. Roughly 45% of these bonds had higher 30- and 60-day delinquency buckets. "This is somewhat foreboding, as the April remittance date has historically yielded improving performance," Barclays analysts wrote. "In addition, later stage delinquencies, including REO and foreclosure buckets, continue to increase fairly quickly."