Monthly delinquency on first mortgages slipped, while second-mortgage delinquency edged higher. Both metrics, however, were significantly lower than a year ago.
Ninety-day delinquency on first mortgages was 1.92 percent during August. That was a 1-basis-point improvement over July.
But the decline was more stark when compared to 3.16 percent a year earlier.
The findings were outlined Tuesday in the S&P/Experian Consumer Credit Default Indices.
On second mortgages, the 90-day rate was 1.27 percent last month. The rate was worse than 1.25 percent in July.
Second-lien lates have tumbled, however, more than a hundred BPS from August 2010, when the rate was 2.40 percent.
The overall consumer delinquency rate, which also reflects bank cards and automobile loans, edged lower to 2.04 percent from 2.06 percent in July. The composite index was 3.32 percent in the same month last year.
Based on the composite data, Miami maintained its dominance among the five-biggest metropolitan statistical areas with a 4.52 percent delinquency rate. But Miami has improved from 5.37 percent a month earlier and 8.37 percent a year earlier.
“While there were some moderately mixed results, the overall picture is broadly optimistic,” David M. Blitzer, managing director and chairman of the index committee for S&P Indices, said in the report.
