Serious delinquency on second-lien mortgages tumbled 10 basis points on a month-over-month basis, while first-mortgage performance was unchanged.
The Composite
Consumer Credit Default Index indicated that delinquency of at least 90 days on consumer credit was 0.87 percent in November.
Delinquency — which reflects performance on auto loans, bank cards, first mortgages and second-lien mortgages — was unchanged from the prior month.
But a 10-basis-point decline was recorded from a year prior.
The data was jointly reported Tuesday by S&P Dow Jones Indices and Experian.
In Dallas, the Composite Index tumbled 10 BPS from October to 0.66 percent — the lowest rate among the five-largest metropolitan statistical areas.
But in Miami, the rate soared 38 BPS to 1.44 percent as of last month to the highest rate among the five MSAs. The increase was the biggest since January 2013.
“A historical review of Miami’s basis points movement in November shows increases since 2005, suggesting a seasonal up-trend in defaults for the month of November,” the report stated.
On first mortgages, the U.S. 90-day rate was 0.70 percent as of Nov. 30, 2016, no different than a month earlier but 12 BPS lower than a year earlier.
Second-mortgage serious delinquency sank to 0.48 percent from 0.58 percent at the end of October and 0.67 percent at the same point last year.
