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HELOC Delinquency at 10-Year High

Q3 HELOC 30-days 0.84%

January 3, 2008

By MortgageDaily.com staff

Delinquency on home equity loans jumped -- with late payments on home equity lines-of-credit rising to the highest level in a decade.

Closed-end HELs delinquent at least 30 days were 2.28 percent during the third quarter, the American Bankers Association said in its Consumer Credit Delinquency Bulletin announced today. The seasonally-adjusted rate was 29 basis points higher than the second quarter and 49 BPS worse than a year earlier.

Late payments on closed-end HELs are at the highest level since 2005, the data indicated.

Delinquency on HELOCs was 0.84 percent during the latest period, rising from 0.77 percent in the second quarter and 0.57 percent in the third quarter 2006, the report said.

HELOC delinquency was the lowest among all loan types tracked in the report, including credit card and auto loans. However, HELOC late pays are at the highest level since 1997.

Property improvement loan delinquencies increased 14 BPS to 1.60 percent, ABA said. Late payments on mobile home loans were 2.87 percent, rising from 2.61 percent.

"Consumer loans directly related to the housing market were hit the hardest," ABA Chief Economist James Chessen said in the statement. "We anticipate delinquency rates will continue to rise on these types of loans in the fourth quarter of 2007 reflecting continued weakness in the housing sector."

But even as HEL late payments worsened, delinquency on credit cards was 21 BPS better than the prior quarter.

"Consumers facing mortgage resets may be under financial pressure, but they still want to keep up with other payments," Chessen stated.

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