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| Defaults Continue Decline
2.91% first mortgage delinquency in October
Nov. 16, 2010
By MortgageDaily.com staff
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It has been nearly a year since monthly mortgage delinquency has risen.
The rate of late payments on first mortgages was 2.91 percent in October, based on the S&P/Experian Consumer Credit Default Indices.
During September, the rate was higher at 3.01 percent. A year earlier, delinquency was approximately 4.70 percent.
It's been 11 months since mortgage delinquency has deteriorated.
The report indicated that the second-mortgage rate declined to 1.79 percent from September's 2.13 percent -- improving more than any other category. The improvement was much bigger when compared to October 2009's roughly 3.45 percent delinquency.
The composite credit default index was 3.03 percent last month, better than September's 3.13 percent. A year earlier, the composite index was around 4.75 percent.
New York saw a 13 percent decline in composite defaults, a bigger drop than any other major city.
Data for the indices are derived from Experian's consumer credit database of around $11 trillion in outstanding loans sourced from 11,500 lenders. |
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