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Banks See Higher HE Delinquencies.
Washington -- Bucking a trend toward credit quality improvement, delinquency rates on home-equity loans and lines of credit increased in the first quarter of this year, according to the American Bankers Association.
The delinquency rate for closed-end home-equity loans increased six basis points from the fourth quarter to 2.43% in the first quarter of 2005, according to the ABA.
The delinquency rate on home-equity lines of credit increased seven basis points to 0.40%.
Despite the increase, home-equity lines of credit continued to have the lowest delinquency rate among all the consumer credit categories tracked by the ABA.
Property improvement loan delinquencies also increased, rising to 2.01% in the first quarter from 1.36% in the last quarter of 2004.
But other categories showed improvement, including credit cards. Banks reported that 4.03% of credit-card accounts were overdue in the quarter, an improvement from 4.20% in the fourth quarter.
And manufactured housing loan delinquencies, perennially one of the worst consumer credit categories, declined to 4.46% ...
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Source: HighBeam Research, Banks See Higher HE Delinquencies.