ATLANTA, July 25, 2013 (GLOBE NEWSWIRE) -- According to Equifax's latest National Consumer Credit Trends Report, consumer payment behavior and delinquencies are improving and new credit is increasing across nearly all verticals year-to-date in June 2013.
For home finance, year-over-year serious delinquency rates (90-days or more past due or in foreclosure) declined sharply as a percentage of total balances outstanding:
- First mortgage: decreased more than 27% (from 5.70% to 4.14%);
- Home equity revolving: decreased nearly 24% (from 2.30% to 1.75%); and
- Home equity installment: decreased more than 20% (from 4.16% to 3.31%).
In addition, year-over-year changes in the 60-day-plus delinquency rates for other verticals include:
- Bankcard: decreased more than 16% (from 2.17% to 1.82%); and
- Auto: decreased more than 11% (from 1.24% to 1.09%).
- The total balance of new credit opened between January-April 2013 increased more than 17% compared to the same time period in 2012, from $24.1 billion to $28.4 billion;
- During the same time period, the total number of new loans also increased more than 11%, from 266,600 to 297,600; and
- Both new loans and new credit year-to-date in April 2013 are four-year highs.
- At $62.3 billion, the total limit of new credit issued between January-April 2013 is a five-year high for that year-to-date period and an increase of 74% over the recession low of $35.8 billion for the same time during 2010;
- The total number of new loans year-to-date in 2013 is a five-year high for that time period and an increase of more than 6% from the same time a year ago, from 12.4 million to 13.2 million; and
- Compared to the first four months of the year in 2012, the year-to-date total limits of new credit increased more than 7%, from $58 billion to $62.3 billion.
- The total balance of new credit issued between January-April 2013 is $152.7 billion, an eight-year high for that time period and an increase of more than 13% from January-April 2012;
- Year-over-year, total outstanding balances increased more than 9% from $745.1 billion in June 2012 to $816.4 billion in June 2013;
- The total number of new loans year-to-date in April 2013 increased more than 10% from the same time a year ago, from 7.0 million to 7.7 million; and
- By source, bank funded auto loans increased more than 19% year-over-year for the first four months of 2013, from $64.3 billion to $76.9 billion, while auto finance company funded loans increased more than 8% in that same time, from $70 billion to $75.8 billion.
- Year-over-year, the total balance of loans outstanding increased more than 11% from June 2012-2013, from $791.2 billion to $880.3 billion;
- The total balance of new credit year-to-date in April 2013 is $19.3 billion, an increase of nearly 14% from same time a year ago; and
- Conversely, the total number of new loans originated during this same time decreased 1.9%, from 3.4 million to 3.3 million, a five-year low for the first 4 months of the year.
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