NEW YORK (Bloomberg) - Defaults on privately insured US mortgages rose 38 percent in February from the same period a year earlier, the 14th straight month showing a year-over-year increase, an industry report yesterday showed.

Insured borrowers falling more than 60 days late on payments rose to 60,911 last month from 44,111 a year earlier, according to the Washington-based Mortgage Insurance Companies of America. Defaults last fell in December 2006.

"Things don't look good for mortgage insurers," said Rob Haines, an analyst at CreditSights Inc. in New York. "I would expect negative trends to persist at least until the end of 2008," he said in an interview before the data were released.