Serious residential delinquency rose for the second consecutive month, though the rate on junior liens was lower. The deteriorating first-mortgage performance was responsible for an increase in the aggregate consumer late-payment rate. In the worst metropolitan area, however, delinquency was lower.
Following worsening performance the previous month, 90-day delinquency on first mortgages was 2.08 percent during October.
Three-month delinquency climbed from 1.99 percent in September. It was only the second time that the first-mortgage rate increased over the past year.
But late payments were 83 basis points better than during October 2010.
The figures were reported Tuesday by Standard &Â Poor’s and Experian and based on data from Experian’s consumer credit database derived from around $11 trillion in loans sourced from 11,500 lenders.
Down 3 BPS from September, second-mortgage delinquency was 1.29 percent. The second-mortgage rate was also better than a year earlier, when it stood at 1.79 percent.
The Composite S&P/Experian Consumer Credit Default Index, which in addition to home loans reflects bank-card and auto-loan delinquency, climbed to 2.15 percent from 2.10 percent a month earlier and was 3.03 percent a year earlier.
Among the five biggest metropolitan areas, Miami’s 4.16 percent composite delinquency rate was highest. But Miami’s rate fell from 4.59 percent in September and 7.04 percent in October 2010.
