Although there was a modest rise in serious delinquency on first mortgages, the past-due rate made a month-over-month improvement on second mortgages.
Delinquency of at least 90 days on
consumer credit was 0.82 percent as of June 30, 2016, according to the Composite Consumer Credit Default Index.
The index — a reflection of monthly performance on
automobile loans, bank cards and first and second mortgages — rose one basis point from a month earlier.
But an 11-basis-point reduction was recorded versus a year earlier.
The index was released Tuesday by
S&P Dow Jones Indices and Experian.
At 0.74 percent, composite delinquency in Dallas was up 5 BPS from May — the worst month-over-month deterioration among five of the largest metropolitan statistical areas tracked.
In New York, June’s composite rate was 0.83 percent, 6 BPS lower — the biggest improvement.
Los Angeles had the lowest composite rate as of last month: 0.67 percent.
A 2-basis-point increase from May was recorded for U.S. first-mortgage delinquency, which finished last month at 0.65 percent.
Still, first-mortgage delinquency has tumbled 15 BPS from June 2015.
“The S&P/Experian Consumer Credit Default Indices covering mortgages and auto loans are within a few basis points of the lowest levels seen in 12 years,” David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, noted in the report.
On second mortgages, the 90-day rate was 0.48 percent as of June 30, 2016.
Second-mortgage delinquency retreated 3 BPS from the previous month and was 7 BPS better than the year-earlier month.
