Quarterly loan delinquency at U.S. banks jumped, though delinquency on credit lines secured by residential properties was lower than any other loan type. Delinquency is unlikely to abate anytime soon.
Delinquency of at least 30 days on home equity lines-of-credit was 0.96 percent on Dec. 31, according to the American Bankers Association's Consumer Credit Delinquency Bulletin. The figure rose 12 basis points from the beginning of the quarter.
HELOC delinquency was the lowest of all categories tracked by the trade group.
Home equity loan delinquency was 2.39 at yearend, climbing from 2.28 percent the prior quarter, the data indicated. Property improvement loan delinquency was 1.81 percent, rising from 1.60 percent.
Mobile home loan delinquency increased to 2.92 percent from 2.87 percent, ABA reported.
"Stress in the housing market still dominates the story, but it's a broader tale of an overall weak economy," ABA Chief Economist James Chessen said in the statement. "No relief for consumers is in sight as food and gas prices remain stubbornly high, and income growth is anemic."
Overall fourth-quarter consumer delinquency of 2.65 percent was up 21 BPS and reached the highest level since 1992, the report said. The increase reflected a rise in all eight loan categories tracked by ABA.