Last month’s rate of serious mortgage delinquency moved lower and has shown improvement now for three consecutive months. Miami’s drop was biggest.

Based on the Composite Consumer Credit Default Index, delinquency of at least 90 days on consumer credit worked out to 0.86 percent in June.

The rate– which reflects the performance of automobile loans, bank cards and first and second mortgages — retreated 3 basis points from one month previous

Source: Mortgage Daily