Serious delinquency on first mortgages was little changed last month, as has been the case for a half-decade. In Miami, serious consumer delinquency plunged more than 60 basis points.
Consumer delinquency of at least 90 days, as indicated by the Composite Credit Default Index, was 0.86 percent as of July 31. The index reflects performance on automobile loans, bank cards and first and second mortgages.
The composite index
was no different than in the preceding month. But an increase was noted versus the same month last year, when serious consumer delinquency was 0.83 percent.
Among five large metropolitan statistical areas reported Tuesday by S&P Dow Jones Indices and Experian, Dallas’ rate was 0.86 percent, up from June by 2 BPS — the biggest increase. But in Miami, the rate was highest at 1.68 percent — though it plunged 62 BPS. At 0.61 percent, Los Angeles’ rate was lowest and 4 BPS better than the previous month.
Ninety-day delinquency on first mortgages ended last month at 0.63 percent. As was the case for the composite index, the First Mortgage Credit Default Index was unchanged from a month earlier.
Serious first mortgage delinquency crept up a basis point from July 2017.
David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said mortgage default rates have varied little during the past five years as new loans have been made to the most credit worthy borrowers since 2008.
