Late payments on home loans were lower and sit 125 basis points below the rate a year ago. Among major metropolitan areas tracked, Dallas had the lowest level of defaults.
U.S. delinquency of at least three months on first mortgages was 2.02 percent during June, falling from 2.09 percent the prior month, according to the according to the S&P/Experian Consumer Credit Default Indices.
The rate was 125 basis points below June 2010.
The findings were based on data from Experian’s database of $11 trillion in outstanding loans sourced from 11,500 lenders.
Second-mortgage defaults also improved, to 1.40 percent from May’s 1.42 percent. The second-mortgage rate was 2.41 percent in June 2010.
The composite index, which also reflects credit cards and automobile loans, fell to 2.14 percent from 2.23 percent. The index was 130Â BPS better than a year earlier.
Among five major metropolitan areas tracked in the report, Miami’s 5.41 percent was the highest, and Dallas’ 1.59 percent was the lowest.
