Skip to main content

National Credit Default Rates Stabilize in November

NationalMortgageProfessional.com
Dec 17, 2013

Data through November 2013, released by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, showed stability in national default rates during the month. The national composite was 1.37 percent in November, a slight decrease from 1.38 percent in October. The first mortgage default rate was 1.28 percent in November, down from 1.30 percent last month. The second mortgage posted 0.78 percent in November, up from 0.72 percent in October. The auto loan default rate was 1.15 percent in November, marginally higher than 1.14 percent in the previous month. The bank card rate was unchanged from last month at 2.97 percent. “Consumer credit quality remains healthy,” said David M. Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices. “The indices remain at pre-financial crisis levels and are stable. All changes were small. Several factors account for the good results. The Debt Service Ratio, the percentage of disposable income that consumers need to cover interest on their debts is at record lows. Outstanding mortgage debt continues to decline from its peak in 2008 although revolving consumer credit is growing. Additionally, recent improvements in the overall economy and the somewhat better labor market are also helping keep consumer defaults low." “Three cities—Chicago, Dallas and Los Angeles—saw default rate decreases. Los Angeles posted its lowest default rate since September 2006, a low of 1.19 percent," said BLitzer. "Miami and New York were the only cities to post default rate increases. Miami recorded 2.46 percent, 35 basis points higher than last month’s level. Miami has the highest rate among the five cities while Los Angeles had the lowest. Four cities—Chicago, Los Angeles, Miami and New York - remain below default rates they posted a year ago in November 2012.”
Published
Dec 17, 2013
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021