While consumer delinquency rates remain near historic highs across many businesses, those for auto, credit card and home equity loans continued their year-over-year decline in May, according to Equifax Inc.'s monthly Credit Trend Report. And for the fourth consecutive month, first or primary mortgage delinquencies decreased, though they remain higher than for the same months in 2009.
The number of primary home mortgages at least 30 days late in May was 7.49% - down from April's level of 7.69%. The May rate is significantly higher than the 7.01% rate in May 2009 and the 4.42% rate in May 2008.
Home equity revolving lines of credit available to consumers are now an estimated $112 billion lower, and the number of accounts is an estimated 1.3 million lower than the September 2008 peak of approximately 14.5 million accounts. However, delinquency rates have eased down slightly, from 3.27% in April to 3.09% in May, Equifax says. These rates show reductions from the 3.44% rate in May 2009, but still exceed the 2.52% rate in May 2008 and the 1.28% rate in May 2007.
