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[julia.sadie]

Drop in late mortgage payments is first since 2006

NEW YORK (AP) — The rate of late mortgage payments dropped in the first quarter for the first time since 2006, according to credit reporting agency TransUnion.

The 60-day delinquency rate slipped to 6.77%, from 6.89% in fourth quarter 2009. That was the first decline after 12 quarters of steady increases, TransUnion said.

The first-quarter figure still represents a substantial jump from a year ago, when delinquencies were at 5.22%. But FJ Guarrera, vice president in TransUnion's financial services business unit, said it's still good news.

"To see it turn down is a very, very strong sign," Guarrera said, adding that positive economic indicators like Friday's increase in job creation make the outlook even better.

*Read more: usatoday.com/money/economy/housing/2010-05-10-mortgage-payments-late_N.htm?csp=34