The March Mortgage Credit Tracker from Barclays notes that current mortgages are becoming delinquent at a ever-slowing rate. It's a great trend that shows more homeowners are staying current on their mortgage.

Also, regardless of the type of mortgage, the analyst also note the rate of foreclosure is increasing, as is the foreclosure-to-REO bucket.

"Liquidation severities jumped back up after last month's drop and are close to their three-months ago levels, especially for the weaker credit sectors," the analysts write.

"Improvements in severities has stalled as gains from rising HPA have been mitigated by lengthening timelines and an increased share of judicial liquidations," said the analysts.