(the rate of delinquency was mistakenly originally reported as “30 days” and has been corrected to reflect “90 days”)
Compared to a year ago, performance on first mortgages has improved. But the same can’t be said for second-mortgage delinquency.
Consumers who were past due at least 90 days on their debt accounted for 0.96 percent of all borrowers as of the end of January.
Delinquency
— including auto loans, bank cards, and first and second mortgages — moved down a basis point from the end of 2015.
Those findings are based on the S&P/Experian Composite Consumer Credit Default Index.
A 16-basis-point improvement has been made since Jan. 31, 2015.
Among five of the largest metropolitan statistical areas, Miami had January 2016’s highest past-due rate: 1.17 percent.
But the Florida city was the only MSA to see a month-over-month decline, dropping by 27 BPS from December 2015.
Los Angeles’ 0.72 percent delinquency rate was the lowest.
Zeroing in on first mortgage performance, the 90-day U.S. rate was 0.84 percent at the end of last month.
While there was no change in the rate compared to the previous month, first-mortgage delinquency has retreated 18 BPS from the same point in 2015.
There was a two-basis-point decline from December 2015 in second-mortgage delinquency, with the 90-day rate falling to 0.65 percent as of Jan. 31, 2016.
But the second-mortgage rate has deteriorated from a year earlier, when it was 0.64 percent.
