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Serious Delinquency Retreats

Mortgage News

Serious home-loan delinquency relented after ascending each of the prior four months. The rate in Dallas declined, while Miami’s delinquency climbed.

Residential borrowers who were at least three months past due on their first mortgages accounted for 2.08 percent of all first-lien borrowers as of Jan. 31.

A month prior, delinquency was 2.19 percent and already had been up each month since August, when 90-day delinquency was 1.92 percent.

The statistics were reported Tuesday in the S&P/Experian Consumer Credit Default Indices. More than $1.45 trillion is reportedly indexed to the delinquency indices.

In January 2011, the rate was 2.85 percent.

Second-mortgage delinquency also fell, to 1.30 percent from 1.33 percent as of Dec. 31, 2011. Junior late payments were 1.51 percent at the same point last year.

Including all types of consumer loans like bank cards and auto loans, the rate fell to 2.16 percent from December’s 2.24 percent and the year-previous period’s 2.90 percent.

Miami was the worst-performing area of five major metropolitan statistical areas tracked in the report, with a 4.80 percent rate. Miami and New York both saw their delinquency rates rise over the previous month.

Dallas had the lowest rate of any MSA, 1.53 percent, and was improved from December’s 1.56 percent.

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