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Record HELOC Delinquency

1.15% Q3 HELOC delinquency

January 7, 2009

By MortgageDaily.com staff

Home-equity delinquency deteriorated -- with late payments on credit lines secured by real estate reaching an all-time high.

Third-quarter 2008 delinquency of at least 30 days on closed-end home-equity loans was 2.63 percent based on the number of loans, the American Bankers Association reported today. HEL delinquency increased from 2.56 percent in the prior quarter and 2.28 percent 12 months earlier.

Late payments on home-equity lines-of-credit were 1.15 percent during the latest quarter, rising 7 basis points from the second quarter. A year prior, HELOC delinquency was just 0.84 percent.

HELOC delinquency during the most recent period was the highest ever recorded, ABA said.

The delinquency rate on home-improvement loans rose to 1.63 percent in the third quarter from the prior quarter's 1.49 percent and the prior year's 1.60 percent. Mobile-home loan lates increased to 3.08 percent from 3.03 percent in the second quarter and 2.87 percent in 2007.

Deteriorating loan performance was attributed to a worsening economy.

"The number one factor in rising consumer credit delinquencies is job losses," ABA Chief Economist James Chessen said in the statement. "With one million jobs lost in the first three quarters and two and a half million expected for the year, delinquencies of all types of consumer loans will likely increase in the coming quarters."

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