The level of distressed first mortgages has fallen to multi-year lows. While home-equity performance is also improving, outstandings are eroding.
As of November, there were $198.8 billion in first lien residential loans that were delinquent at least 90 days or in the process of foreclosure.
That was a 30 percent decline from the same month last year in seriously delinquent first mortgages and the lowest amount in more than five years.
Equifax Inc. reported the data Wednesday.
First mortgage delinquency of just 30 days came in at 4.54 percent, falling from 5.87 percent in November 2013.
Moving on to home-equity loans,
there were 4.6 million HELs outstanding for $139.9 billion as of last month.
HEL balances have retreated 16 percent on a year-over-year basis.
The 30-day delinquency rate on HELs was 2.45 percent, tumbling 77 BPS on a year-over-year basis.
Home-equity lines
of credit outstanding amounted to 11.4 million units for $515.4 billion in November.
HELOC balances have diminished nearly 4 percent from a year earlier and stood at the lowest level in five years, while the number of HELOCs outstanding hasn’t been that low in a decade.
Thirty-day HELOC delinquency was 2.37 percent, falling 33 BPS from November 2013.
