Overall Delinquency Rates Decline

NationalMortgageNews tells MHProNews.com the American Bankers Association (ABA) reports delinquency rates fell across all the loan categories the ABA monitors in the fourth quarter of 2011, the first time that has happened since 2004. The ABA defines delinquency as being late 30 or more days. The report notes consumers made fewer late payments on personal loans, direct and indirect car loans, manufactured housing, property improvement, marine and RV loans. Home equity loans also fell, but only from 4.12 percent to 4.08 percent in the Q3 2011. However, says ABA Chief Economist James Chessen, “Troublesome performance in housing-related loans is keeping overall delinquency rates elevated. The housing sector continues its painful adjustment, and it will take a long time before delinquency rates return to normal.”

(Photo credit: (Fotosearch stock photography)

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