First and second mortgages that are considered to be seriously delinquent made up a smaller share of overall loans last month.
The composite rate of 90-day delinquency on bank cards, car loans and first and second mortgages was 0.90 percent as of April 2017.
Consumer delinquency improved compared to the preceding month, when the rate was 0.94 percent. But performance deteriorated from 0.86 percent a year previous.
The findings were based on the
S&P/Experian Composite Consumer Credit Default Index reported Tuesday.
The Composite Index in Chicago was 0.94 percent, tumbling from March 2017 by 11 basis points — the most of the five-largest metropolitan statistical area. The Dallas and Los Angeles MSAs both stood at 0.69 percent, the lowest rate last month.
On U.S. first mortgages, the 90-day delinquency
rate closed out April 2017at 0.69 percent. First-mortgage delinquency declined 6 BPS from a month earlier but was no different than in April 2016.
“Default rates on first mortgages are steady as home prices continue to rise in most parts of the country and sales of both new and existing homes increase,” David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in the report. “The Fed survey reported little change in either demand for mortgage loans or mortgage lending standards.”
Second-mortgage delinquency fell to 0.51 percent from 0.57 percent as of March 31, 2017, and 0.58 percent as of April 30, 2016.
