It was another month of improvement for residential loans. Delinquency sits around a percent lower than it did a year earlier.
First-mortgage delinquency of at least 90 days was 2.09 percent during May, according to the S&P/Experian Consumer Credit Default Indices.
Defaults dipped from 2.16 percent during April. In May 2010, the rate of delinquency was 3.45 percent.
On second mortgages, delinquency was just 1.42 percent last month. The showing was an improvement from 1.51 percent a month earlier and 2.41 percent a year earlier.
The S&P/Experian composite index — which in addition to mortgages reflects delinquency on credit cards and auto loans — slipped to 2.23 percent in May from 2.30 percent the prior month. The composite index reflected a 3.61 percent delinquency rate in May 2010.
Based on the composite figure, Miami’s 5.31 percent delinquency rate was the worst of the five biggest metropolitan statistical areas tracked. David M. Blitzer, managing director and chairman of the index committee for S&P Indices, explained that while Miami has the same unemployment rate as Los Angeles — “housing in Southern California is doing better than housing in south Florida.”
The S&P/Experian indices are based on a sampling of data from Experian’s consumer database reflecting around $11 trillion in outstanding loans made by 11,500 lenders.
