Serious delinquency on first mortgages deteriorated last month, and the recent spate of natural disasters could make things worse. The Big Apple experienced a surge in consumer delinquency.
A measure of consumer credit delinquency, the Composite Consumer Credit Default Index, indicated that 90-day delinquency was 0.86 percent in August.
The index — which reflects performance on automobile loans, bank cards and first and second mortgages — worsened from the preceding month, when the rate was 0.83 percent.
Source: Mortgage Daily