Subprime-mortgage delinquencies were 46.3% last month, down from 46.9% in February. The decline, however, does not necessarily mean the market has bottomed. "The default rates would still have to drop by 50-plus percent to just get back to an acceptable performance range," said Ted Jadlos, president of LPS Applied Analytics. It was the first time subprime-mortgage delinquencies dropped in nearly four years.

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