Delinquencies On Home Equity LoansRise
WASHINGTON - (06/30/05) Delinquencies on home equity loans roseduring the first quarter. According to data released by theAmerican Bankers Association (ABA), delinquencies on home equityloans rose to 2.43% in the first quarter, up from 2.37% in thefourth quarter of 2004. The same statistics show a decline incredit card delinquencies, but analysts note that many people havereplaced credit cards with home equity secured lines of credit asthey seek to take advantage of lower rates and rapidly rising homevalues. Meanwhile, the Mortgage Bankers Association released firstquarter data showing seasonally adjusted delinquency rates haddropped 15 basis points from the first quarter of 2004 to 4.31% anda seven-basis point drop from 2004's fourth quarter.