Skip to main content

National Default Rates Drop in March

Apr 17, 2013

Data through March 2013, released by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed a decrease in national default rates during the month. The national composite was 1.50 percent in March, down from 1.55 percent in February. The first and second mortgage default rates moved to 1.41 percent and 0.69 percent in March, down from 1.48 percent and 0.71 percent in February. The bank card default rate was 3.51 percent in March, up from the recent low of 3.37 percent it posted last month. The auto loan default rate remained flat at 1.11 percent since February. “The first quarter of 2013 shows healthy consumer credit quality,” says David M. Blitzer, managing director and Chairman of the Index Committee for S&P Dow Jones Indices. “The first and second mortgage default rates decreased, the bank card rate increased and the auto loan rate remained flat in March. All loan types remain below their respective levels a year ago.” “Four of the five cities we cover showed decreases in their default rates in March – Miami was down by 28 basis points, Chicago by 25, Los Angeles by 15 and Dallas by six basis points. New York was the only city with increased default rates; it was up 38 basis points. Miami had the highest default rate at 2.93 percent and Dallas - the lowest at 1.20 percent among the five cities. All five cities remain below default rates they posted a year ago, in March 2012,” added Blitzer.
About the author
Published
Apr 17, 2013
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024