While there was no month-over-month change in serious mortgage delinquency, there was a year-over-year improvement. Miami saw a significant increase.
The Composite Consumer Credit Default Index — an indication of 90-day delinquency on first and second mortgages, bank cards and automobile loans — was 0.96 percent in March.
Although there was no change in serious consumer delinquency versus a month earlier, the 90-day rate has worsened from a year earlier, when the rate was 0.94 percent.
The index was included in the
S&P/Experian Consumer Default Composite Indices released Tuesday.
Of five major metropolitan statistical areas reported, the rate in the Miami area soared 59 basis points to 2.13 percent — giving Miami the most deterioration and the highest rate.
“Miami tends to have more volatile and somewhat higher default rates than the other cities,” David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in the report.
The lowest rate was in Los Angeles, where the rate was 0.60 percent, falling 4 BPS.
In Chicago, the 1.04 percent rate was down 11 BPS — more than any of the five MSAs.
Looking at just
U.S. first mortgage performance, 90-day delinquency finished last month at 0.72 percent.
There was no difference in serious first mortgage delinquency versus February. But the rate fell 3 BPS from March 2017.
