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December 21, 2010 at 09:58 AM
The month of November saw the first increase in mortgage defaults since December 2009, according to data released Tuesday by Standard & Poor’s and Experian. The S&P/Experian Consumer Credit Default Indices showed that November’s monthly default rates for first and second mortgages increased to 3.05% and 1.80%, respectively. The year-over-year decline, despite November’s increase, stands at 34.84%.
Auto loans, on the other hand, fell in November to 1.76%, from 1.92% in October. The bank card index also fell slightly, to a default rate of 6.84%.
David M. Blitzer, managing director and chairman of the index committee, says that the mortgage sector deterioration “may be temporary.” He adds that government economic data show improvements in both bank cards and auto loans, with credit balances and sales both on the increase.
