As was the case for overall consumer credit performance, the monthly rate of serious delinquency on first mortgages showed improvement.
An indication of 90-day delinquency for consumer credit, the Consumer Credit Default Composite Index, was 0.92 percent for April of this year.
The index reflects the performance of four consumer credit categories including automobile loans, bank credit cards, first-lien mortgages and second-lien mortgages.
S&P Dow Jones Indices LLC and Experian jointly reported the index, along with several related indices.
The consumer index declined 4 basis points from one month previous. Still, serious consumer delinquency deteriorated by 2 BPS compared to the same month in the preceding year.
In Chicago, the composite index was 0.90 percent, sinking from March by 14 BPS — the most of any of the five largest metropolitan statistical areas tracked in the report.
The Los Angeles MSA had the lowest rate: 0.59 percent.
At 2.78 percent, the Miami MSA’s rate was the highest and a whopping 65 BPS higher than the previous month.
Ninety-day delinquency on U.S. first mortgages was 0.68 percent as of April 30, 2018.
The turned out to be an improvement for residential loan delinquency, with the 90-day rate decreasing 4 BPS from one month prior.
The year-over-year decrease was less prolific at just a single basis point.