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| HEL, HELOC Performance Diverge
HEL 30-day rate up 11 BPS in Q2
Oct. 8, 2013
By Mortgage Daily staff
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While quarter-over-quarter delinquency on lines of credit secured by residential properties moved lower, closed-end home-equity performance was worse.
The rate of 30-day delinquency on home-equity loans was worse in the second quarter, rising to 3.83 percent from 3.72 percent in the first quarter.
But HEL delinquency was lower than the 4.09 percent rate as of the second quarter 2012.
The delinquency statistics were reported Tuesday by the American Bankers Association.
The rate of past-due payments on home-equity lines of credit move lower, to 1.90 percent from 1.91 percent in the first quarter and in the second quarter of last year.
Late payments on mobile home loans worsened from three months earlier and a year earlier. The 30-day rate was 3.96 percent versus 3.92 percent in the first quarter and 3.15 percent in the second-quarter 2012.
Property improvement loan delinquency behaved like HELs, rising to 0.80 percent from the first quarter's 0.74 percent but moving lower compared to 0.90 percent in the same period last year.
"A leveling off in delinquency rates was inevitable after a four-year downward trend that saw consumers reduce debt and dramatically improve their personal balance sheets," ABA Chief Economist James Chessen said in today's report. "The good news is that delinquency rates remain near historical lows and are unlikely to spike in the near future." |
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