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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.

Serious Delinquency Worsens on 2nds

First mortgage 90-day rate down 2 BPS in November

Dec. 17, 2013

By Mortgage Daily staff

The rate of first mortgages considered seriously delinquent turned lower last month, but the second mortgage rate continued deteriorating.

First mortgages that were at least 90 days past due accounted for 1.28 percent of the total first mortgage population as of Nov. 30.

The 90-day rate slipped from the previous month, when serious first mortgage delinquency increased for the second consecutive month to 1.30 percent.

A substantial improvement has been made from a year earlier, when 90-day delinquency was 1.58 percent.

The default rates were released Tuesday in the S&P/Experian Credit Default Indices report.

"Several factors account for the good results," David M. Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices, said in the report. "The debt service ratio, the percentage of disposable income that consumers need to cover interest on their debts, is at record lows. Outstanding mortgage debt continues to decline from its peak in 2008 although revolving consumer credit is growing.

"Additionally, recent improvements in the overall economy and the somewhat better labor market are also helping keep consumer defaults low."

Second mortgage delinquency, however, was worse, climbing for the fourth month in a row to 0.78 percent from 0.72 percent in October.

The 90-day rate on second mortgages was also worse than 0.62 percent in November 2012.

The composite index, which additionally reflects performance on other consumer credit, slipped 1 basis point from a month earlier to 1.37 percent in November. The composite rate was 27 BPS better than a year earlier.

Among the five-biggest metropolitan statistical areas, Chicago's 1.59 percent composite rate was the highest, while Los Angeles had the lowest rate: 1.19 percent.

In Dallas, the composite rate fell 9 BPS from October -- more than any other MSA.

With an increase of 3 BPS, New York was the only MSA to see an increase in the composite rate.

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