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Mortgage Delinquency Down in September

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A report that tracks the performance of consumer credit, including mortgages, revealed an across-the-board improvement in consumer delinquency — with Dallas improving most among large cities. Hurricanes could drive up rates in some regions.

Ninety-day delinquency on consumer credit — including automobile loans, bank cards, first-lien mortgages and second-lien mortgages — was 0.82 percent as of Sept. 30, according to the Composite Credit Default Index.

A 5-basis-point decline was recorded for the index from one month earlier. Compared to the same 30 days one year earlier, delinquency for U.S. consumers has fallen 6 BPS.

The index was reported Tuesday by
S&P Dow Jones Indices and Experian.

In Dallas, the composite index was 0.73, sinking from August by 11 BPS — the most of the five major metropolitan statistical areas tracked. Los Angeles’ 0.56 percent index was the lowest, and Miami’s 1.56 index was the highest.

Ninety-day delinquency on residential loans
was 0.63 percent based on the First Mortgage Credit Default Index.

The first mortgage rate dipped 2 BPS from August, while a 3-basis-point improvement has been made versus September of last year.

“With the low unemployment rate and some improvement on wage gains, consumers are not facing rising economic pressure,” David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in the report. “The favorable income situation combined with auto and home sales that have drifted down since late 2017 led to the current good consumer credit default pattern.”

But Blitzer warned that the financial conditions could weaken in some regions as a result of the Atlantic hurricane season — pushing up consumer credit default rates.

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