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Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

2nd Mortgage Delinquency Inches Higher

1st mortgage 90-day delinquency unchanged in July

Aug. 21, 2012

By staff

After falling to an eight-year low, seriously past due second mortgages turned slightly higher last month. But the delinquency rate on first mortgages maintained a five-year low.

Ninety-day delinquency on residential first liens was 1.41 percent in July. The rate of late payments was unchanged from the previous month.

Delinquency was down from 1.93 percent in July 2011 and remains at May 2007 levels.

The statistics were based on data from the S&P/Experian Consumer Credit Default Indices released Tuesday by S&P Dow Jones Indices and Experian. The indices are calculated based on data extracted from Experian's consumer credit database that covers approximately $11 trillion in outstanding loans sourced from 11,500 lenders.

The news wasn't quite as good for second mortgages. In July, the 90-day rate inched up to 0.75 percent from the prior month's 0.73 percent. But, as was the case with first-mortgage delinquency, the rate on junior liens was much lower than this month last year when it stood at 1.25 percent.

"Looking at the rate of new defaults in mortgages or auto loans, the consumers' credit position has recovered from the financial crisis," David M. Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices, said in the report. "However, other data show that previously defaulted mortgages remain an issue and many consumers still face an overhang from old debts."

The composite default index, which reflects delinquency on bank cards and auto loans in addition to first and second mortgages, slipped to 1.51 percent last month from June's 1.52 percent and was also lower than 2.06 percent in July 2011.

Among the five-biggest metropolitan statistical areas, Miami's 2.39 percent composite delinquency rate was worst and Dallas' 0.98 percent was lowest.

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