Serious Delinquencies down in January
The number of seriously delinquent residential mortgages (at least 90 days past due) fell in January to 1.58 percent after three consecutive months of increased delinquency, according to S&P/Experian Consumer Credit Default Indices released Feb. 19, Mortgage Daily reported.
The rate was down from December when 90-day delinquency was 1.68 percent, and also down from a year prior, when the rate was 2.08 percent, Mortgage Daily reported. Until the January data was reported, first-mortgage delinquency had increased every month since September.
The data revealed that second-mortgage delinquency held steady at 0.69 percent from December to January; but the rate had improved significantly from a year earlier when serious delinquency was 1.30 percent.