ATLANTA-First mortgages deemed "seriously delinquent" declined by 156 basis points in June on a year-over-year basis, according to Equifax's latest National Consumer Credit Trends Report. The percentage of first-mortgage loans 90 days late or more or in foreclosure is 4.14%, down from 5.7% one year prior.
For home equity revolving loans the delinquency rate decreased to 1.75% from 2.3%, and for home equity installment loans it fell to 3.31% from 4.16%.
Equifax reported that on home equity revolving loans, the total balance of new credit opened between January and April increased more than 17% compared to the same time period in 2012, to $28.4 billion from $24.1 billion. The total number of new loans was more than 11% higher, at 297,600 compared with 266,600.
