The Defect Index for purchase transactions decreased by 2.2 percent compared with the previous month but was 2.2 percent higher compared with a year ago. The Defect Index for refinance transactions increased by 1.4 percent compared with the previous month and is 7.6 percent higher than a year ago.
The five states with the greatest year-over-year increase in defect frequency in April were Arkansas (16.7 percent), Wyoming (13.5 percent), New Mexico (13 percent), Virginia (12.2 percent) and Maryland (10.8 percent). The five states with the greatest year-over-year decrease in defect frequency were: South Carolina (-13.3 percent), Louisiana (-12.9 percent), Minnesota (-10.6 percent), Alabama (-10 percent) and Vermont (-9.6 percent). Virginia Beach, Va., led the major metro areas with the greatest year-over-year increase in defect frequency, with a 24.7 percent spike, followed by Los Angeles with an 18.5 percent upswing. Austin, Texas, and Birmingham, Ala., had the greatest year-over-year decreases at 14 percent and 13.8 percent, respectively.