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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.

HELs, HELOCs Outstanding at 5-Year Low

1st mortgages outstanding decline 1.2%

Oct. 1, 2013

By Mortgage Daily staff

The dollar amount of first mortgages, home-equity loans and home-equity lines of credit outstanding were all down from a year ago, while the number of HELs and HELOCs outstanding fell to a five-year low. Delinquency has also fallen.

As of August, $7.7 trillion in first mortgages were outstanding in the United States.

Total outstandings have declined from the same month last year, when roughly $7.8 trillion in first mortgages were outstanding.

The latest figures came from Equifax's National Consumer Credit Trends Report.

The report indicated that $0.300 trillion in first mortgages were at least 90 days past due or in foreclosure. That was the lowest level in five years.

The volume of seriously delinquent loans tumbled from approximately $0.417 trillion in August 2012.

The first mortgage delinquency rate worked out to around 3.9 percent, improving substantially from around 5.3 percent 12 months earlier.

Equifax went on to say that 10.5 million in home-equity revolving loans were outstanding for $500.4 billion, off from roughly $540.4 billion at the same point in 2012.

It was the lowest in five years for the latest HELOC figures.

The severely delinquent portion of HELOCs worked out to under $9 billion -- also a five-year low. A year earlier, the portion of HELOCs that were at least 90 days delinquent worked out to around $12 billion.

The HELOC delinquency rate was approximately 1.8 percent, dropping from around 2.2 percent as of the same date last year.

Equifax reported that 4 million HELs were outstanding for $136.7 billion as of Aug. 31. That was down from approximately $142.7 billion one year earlier.

The Aug. 31 number of outstanding HELs was a five-year low.

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