Serious delinquency on first-lien residential loans turned modestly higher last month. Among large metropolitan areas, Chicago had the worst deterioration.
The Composite Credit Default Index, an indication of 90-day delinquency on U.S. consumer credit, was 0.87 percent at the end of last month.
A 1-basis-point rise was recorded versus July and also from August 2017 for the index, which reflects the performance of automobile loans, bank cards and first and second mortgages.
Providing the metrics were
S&P Dow Jones Indices and Experian.
Leading the month-over-month deterioration among the five large metropolitan statistical areas reported was Chicago, where the rate rose 5 BPS to 0.91 percent.
In
Miami, the rate tumbled 11 BPS to 1.57 percent — though that was still the highest rate among the five MSAs.
The report indicated that 90-day delinquency on U.S. first mortgages was 0.65 percent as of Aug. 31, 2018. That was 2 BPS worse than in the preceding month.
But despite the year-over-year deterioration, last month’s rate was no different than in August 2017.