Serious delinquency on first mortgages tumbled last month, while the delinquency rate on second mortgages made an even bigger improvement.
Delinquency
of at least three months on consumer credit — including auto loans, bank cards and mortgages — was 1.05 percent as of March.
The composite rate of serious delinquency declined from the previous month, when it stood at 1.12 percent, and a year previous, when it was 1.20 percent.
The performance statistics were outlined in the S&P/Experian Consumer Credit Default Indices.
Among the top-five metropolitan statistical areas, Los Angeles had the lowest composite delinquency rate: 0.89 percent.
Miami’s 1.39 percent soared 22 basis points from a month earlier and was the highest rate among the five MSAs.
Delinquency declined 12 BPS in Dallas, more than any of the other four MSAs.
On U.S. first mortgages, the 90-day rate was 0.92 percent last month, improving 8 BPS from February.
First-mortgage serious delinquency was 1.13 percent in March 2014.
Serious delinquency on second mortgages plunged 16 BPS from the previous month to 0.50 percent in March 2015.
Second-mortgage delinquency was 0.60 percent in the same month last year.
