Serious delinquency on first mortgages deteriorated for the second consecutive month. Also moving higher was the rate on second mortgages.
In September, the 90-day consumer credit delinquency rate was 1.04 percent, up by a single basis point compared to the previous month.
The rate of delinquency reflects performance on first mortgages, second mortgages and auto loans as well as bank cards.
A year earlier, the 90-day rate was 1.38 percent, according to the S&P/Experian Consumer Default Composite Index.
Miami continued to persist as the top-five metropolitan statistical area with the highest composite rate: 1.21 percent. The good news is that Miami’s rate tumbled 24 BPS from August.
Los Angeles’ 0.77 percent rate was the lowest among the five-biggest MSAs, though that was 5 BPS higher than in the prior month.
Ninety-day delinquency on just first mortgages came in at an 0.93 percent U.S. rate, worsening from 0.91 percent as of Aug. 31. It was the second month in a row of deterioration.
First mortgage delinquency, however, sank 35 BPS from September 2013.
Similarly, second-mortgage delinquency inched up a basis point from the previous month to end September at 0.52 percent and was down 17 BPS on a year-over-year basis.
