Serious delinquency on first mortgages fell to the lowest level since before the subprime mortgage crisis erupted. Performance deteriorated, however, on second mortgages.
The rate of first mortgages that were past due at least 90 days was 1.01 percent in April.
Serious delinquency on first mortgages has not been this low since July 2006 — before the subprime mortgage crisis took off in late 2006.
The performance statistics were included in the latest edition of the S&P/Experian Consumer Default Composite Indices.
The rate improved by 12 basis points compared to the previous month. It was the seventh consecutive month of decline.
A year earlier, the 90-day rate was 1.31 percent.
There was no improvement in second mortgage performance, however.
The 90-day delinquency rate on seconds was 0.63 percent last month. That was 3 BPS worse than in March and 1 basis point higher than in April 2013.
The composite delinquency index — which reflects performance on bank cards and auto loans in addition to first and second mortgages — landed at 1.11 percent in April. That was the lowest composite rate since June 2006.
The composite index improved from 1.20 percent a month earlier and 1.42 percent a year earlier.
Among the five-largest metropolitan statistical areas, Dallas’ 0.83 percent composite rate was 14 BPS better than in March and the lowest of the five MSAs.
New York saw the biggest month-over-month improvement: 18 BPS.
Miami’s 1.98 percent rate was the highest.
