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Defaults Rates on First and Second Mortgages Hold Steady in August
Defaults Rates on First and Second Mortgages Hold Steady in August
Defaults Rates on First and Second Mortgages Hold Steady in August
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September 21, 2011 (Jeff Alan)

Default rates on first and second mortgages remained virtually unchanged from July to August and remained well below the default levels of a year ago according to the latest S&P/Experian Consumer Credit Default Indices.

Default rates on first mortgages declined from 1.93 percent in July to 1.92 percent in August while default rates on second mortgages increased slightly from 1.25 percent in July to 1.27 percent in August.

Mortgage default rates have been on the decline since March 2009 when second mortgage default rates peaked at 4.66 percent, followed two months later when first mortgage default rates peaked at 5.67 percent in July 2009.

Auto loan default rates also increased slightly to 1.31 percent in August, up from 1.27 percent in July and bank card default rates decreased from 5.64 percent in July to 5.26 percent in August.

“While there were some moderately mixed results, the overall picture is broadly optimistic,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “All indices show default rates well below where they were in the 2008/09 recession, and some are still falling. Bank cards traditionally have the highest default rates, so the decline from 5.64% in July to 5.26% in August is a good sign. The same is true for Miami, where we saw the default rates fall from 5.37% to 4.52% over the month. While not as large, the other four cities, mortgages and auto loans all saw declining or stable default rates and all of these are posting rates below 2.5%, some even below 1.5%. Again, good news for the consumer. ”

Four of the five Metropolitan Statistical Areas (MSAs) posted declines in month-over-month consumer default rates. Miami reported the largest decline from 5.37 percent in July to 4.52 percent in August, followed by Chicago which declined from 2.54 percent in July to 2.43 percent in August and Dallas’ default rate declined from 1.60 in July to 1.51 in August.

Los Angeles reported the small decline, from 2.15 in July to 2.07 percent in August while New York’s default rate remained unchanged at 1.80 percent. Default rates in all five MSAs were significantly lower than August 2010.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
Standard and Poor

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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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Helpful Tools
Mortgage
Calculator
Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

September 21, 2011 (Jeff Alan)

Default rates on first and second mortgages remained virtually unchanged from July to August and remained well below the default levels of a year ago according to the latest S&P/Experian Consumer Credit Default Indices.

Default rates on first mortgages declined from 1.93 percent in July to 1.92 percent in August while default rates on second mortgages increased slightly from 1.25 percent in July to 1.27 percent in August.

Mortgage default rates have been on the decline since March 2009 when second mortgage default rates peaked at 4.66 percent, followed two months later when first mortgage default rates peaked at 5.67 percent in July 2009.

Auto loan default rates also increased slightly to 1.31 percent in August, up from 1.27 percent in July and bank card default rates decreased from 5.64 percent in July to 5.26 percent in August.

“While there were some moderately mixed results, the overall picture is broadly optimistic,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “All indices show default rates well below where they were in the 2008/09 recession, and some are still falling. Bank cards traditionally have the highest default rates, so the decline from 5.64% in July to 5.26% in August is a good sign. The same is true for Miami, where we saw the default rates fall from 5.37% to 4.52% over the month. While not as large, the other four cities, mortgages and auto loans all saw declining or stable default rates and all of these are posting rates below 2.5%, some even below 1.5%. Again, good news for the consumer. ”

Four of the five Metropolitan Statistical Areas (MSAs) posted declines in month-over-month consumer default rates. Miami reported the largest decline from 5.37 percent in July to 4.52 percent in August, followed by Chicago which declined from 2.54 percent in July to 2.43 percent in August and Dallas’ default rate declined from 1.60 in July to 1.51 in August.

Los Angeles reported the small decline, from 2.15 in July to 2.07 percent in August while New York’s default rate remained unchanged at 1.80 percent. Default rates in all five MSAs were significantly lower than August 2010.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
Standard and Poor

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools

September 21, 2011 (Jeff Alan)

Default rates on first and second mortgages remained virtually unchanged from July to August and remained well below the default levels of a year ago according to the latest S&P/Experian Consumer Credit Default Indices.

Default rates on first mortgages declined from 1.93 percent in July to 1.92 percent in August while default rates on second mortgages increased slightly from 1.25 percent in July to 1.27 percent in August.

Mortgage default rates have been on the decline since March 2009 when second mortgage default rates peaked at 4.66 percent, followed two months later when first mortgage default rates peaked at 5.67 percent in July 2009.

Auto loan default rates also increased slightly to 1.31 percent in August, up from 1.27 percent in July and bank card default rates decreased from 5.64 percent in July to 5.26 percent in August.

“While there were some moderately mixed results, the overall picture is broadly optimistic,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “All indices show default rates well below where they were in the 2008/09 recession, and some are still falling. Bank cards traditionally have the highest default rates, so the decline from 5.64% in July to 5.26% in August is a good sign. The same is true for Miami, where we saw the default rates fall from 5.37% to 4.52% over the month. While not as large, the other four cities, mortgages and auto loans all saw declining or stable default rates and all of these are posting rates below 2.5%, some even below 1.5%. Again, good news for the consumer. ”

Four of the five Metropolitan Statistical Areas (MSAs) posted declines in month-over-month consumer default rates. Miami reported the largest decline from 5.37 percent in July to 4.52 percent in August, followed by Chicago which declined from 2.54 percent in July to 2.43 percent in August and Dallas’ default rate declined from 1.60 in July to 1.51 in August.

Los Angeles reported the small decline, from 2.15 in July to 2.07 percent in August while New York’s default rate remained unchanged at 1.80 percent. Default rates in all five MSAs were significantly lower than August 2010.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
Standard and Poor

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use

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