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Survey: Banks See Home Equity Delinquencies Edge Up.(Brief Article)

Mortgage Servicing News

| December 01, 2003 | COPYRIGHT 2003 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

The number of past due home equity loans and lines of credit edged up in the second quarter, despite improvement in the delinquency rate on credit card installment debt, according to the American Bankers Association.

Home equity loan delinquencies rose to 2.48% from 2.02% in the first quarter on a seasonally adjusted basis. Home equity lines of credit also saw slight deterioration in credit quality, with the delinquency rate rising to 0.63% from 0.61% in the first quarter.

Home equity lines continued to have the lowest delinquency rate of any consumer loan category in the ABA survey.

In one bright note, the troubled manufactured housing sector saw some improvement in the second quarter, with the delinquency rate falling to 5.98% in the second quarter from ...

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