categories
Recent Comments
- Originations: Are Realtors Overpaid? | The Basis Point on Housing Bubble Talk Returns
- 12.61% Dividend Payer Apollo Residential Mortgage Returned 56% In 2012, Uptrend Is Still Strong on U.S. Housing And Residential Mortgage Finance 2013 Outlook: The Nascent Recovery Is Likely To Continue
- Mortgage application fraud is on the rise on U.S. Housing And Residential Mortgage Finance 2013 Outlook: The Nascent Recovery Is Likely To Continue
- Real Estate Investing News This Week 2013-04-13 on A Housing Recovery Is Buttressing U.S. Homebuilders’ Credit Quality
- Tuesday Morning Links | timiacono.com on As The Market Recovers, U.S. Single-Family Housing Activity Builds
tags
10-City Composite 20-City Composite Atlanta Boston Chicago Credit Default Indices Dallas David Blitzer Economy and Real Estate Existing Home Sales Experian home prices Las Vegas latest results Los Angeles Miami mortgages MSAs New York Phoenix residential real estate S&P/Case-Shiller S&P/Case-Shiller Home Price Indices report S&P/Experian Consumer Credit Default Indices San Francisco US Housing Prices
WP Cumulus Flash tag cloud by Roy Tanck requires Flash Player 9 or better.
The posts on this blog are opinions, not advice.
Please read our disclaimers for Ratings Services, Indices, Equity Research, Securities Evaluations and Risk Solutions
Please read our disclaimers for Ratings Services, Indices, Equity Research, Securities Evaluations and Risk Solutions
One Trackback
[...] On August 21st S&P Dow Jones Indices and Experian released July 2012 data for the S&P/Experian Consumer Credit Default Indices, which measure consumer credit default rates. July data showed a small decline in the composite index, while first mortgage default rate were unchanged and second mortgage default rates rose by two basis points. The national composite declined to 1.51% in July from June’s 1.52% rate, the first mortgage default rate maintained June’s 1.41% and the second mortgage rates rose from 0.73% in June to 0.75% in July.Source: housingviews.com [...]
Consumer credit default rates improve further in July 2012
S&P/Experian Consumer Credit Default Indices. Sources: S&P Dow Jones Indices and Experian.
On August 21st S&P Dow Jones Indices and Experian released July 2012 data for the S&P/Experian Consumer Credit Default Indices, which measure consumer credit default rates. July data showed a small decline in the composite index, while first mortgage default rate were unchanged and second mortgage default rates rose by two basis points. The national composite declined to 1.51% in July from June’s 1.52% rate, the first mortgage default rate maintained June’s 1.41% and the second mortgage rates rose from 0.73% in June to 0.75% in July.
Four of the five loan types posted their lowest rates since the end of the 2007/2009 recession, only second mortgage increased marginally from 0.73% in June to 0.75% in July. However, June’s rate for second mortgages was the lowest in its eight year history.
Miami and New York saw their default rates drop and reach post-recession lows. Chicago’s rate did not change, but maintained a recent low. Dallas and Los Angeles’ default rates rose in July.
As seen in the graph above, consumer default rates are below their pre-crisis rates, with the first mortgage and composite rates around those last witnessed in late 2006, and the second mortgage rates are near their eight-year historic low. Consumer credit quality continues to improve.