The serious delinquency rate on first mortgages and junior liens moved lower last month and was also improved from a year earlier. Consumer delinquency plunged in Los Angeles.
The rate of 90-day delinquency on consumer credit was 1.01 percent in July, edging down from the previous month’s 1.02 percent.
It was the lowest level for the composite consumer delinquency rate in at least more than a decade.
Consumer delinquency, which reflects performance on bank cards, auto loans and first and second mortgages, fell 34 basis points from a year earlier.
The data was based on the S&P/Experian Consumer Credit Default Indices.
With a 9-basis-point decline from June, the 0.66 percent 90-day composite rate in Los Angeles was the lowest among the five-largest Metropolitan Statistical Areas.
Miami had the biggest month-over-month decline — 17 BPS — though its 1.51 percent rate was still higher than any of the other five MSAs.
Zeroing in on just first mortgages, the U.S. 90-day delinquency rate was 0.88 percent last month, a basis point better than in June.
First mortgage delinquency has fallen 37 BPS from July 2013.
The rate on second mortgages retreated 5 BPS to 0.52 percent and was 2 BPS lower than as of July 31, 2013.
