Home loans that are regarded as seriously delinquent diminished last month. The Dallas market saw consumer credit performance improve more than in any other major market.
In real estate finance, loans that are past due at least 90 days are generally considered to be seriously delinquent.
During March, the rate of serious delinquency on first mortgages was 1.13 percent. That was a 10-basis-point improvement over February.
The figures are based on the S&P/Experian Consumer Credit Default Indices.
Historical data indicate first mortgage delinquency has not been this low since September 2006 — prior to the mortgage crisis, the financial crisis and the housing crisis.
The first mortgage serious delinquency rate has descended from 1.41 percent in March 2013.
Ninety-day delinquency on second mortgages was 0.60 percent last month.
The second mortgage rate retreated from 0.69 percent a month earlier and a year earlier.
The S&P/Experian Consumer Credit Default Composite Index, which reflects performance on other types of consumer credit, dropped to 1.20 percent from 1.30 percent in February and 1.50 percent in March of last year.
The composite index sits at its lowest level since July 2006.
David M. Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices, noted in the report that delinquency is gradually improving with the economy.
The biggest month-over-month improvement among the five-biggest metropolitan statistical areas was in Dallas, where 90-day composite delinquency dropped 19 BPS to 0.97 percent — the lowest rate of the five biggest MSAs.
Miami’s 2.07 percent rate was the highest among the biggest metros.
