ATLANTA, July 1, 2013 (GLOBE NEWSWIRE) -- According to Equifax's (NYSE:EFX) latest National Consumer Credit Trends Report, home finance write-offs year-to-date through May 2013 total $69.7 billion, a five-year low, and a decrease of more than 23% year-over-year ($90.8 billion YTD in 2012) and almost 45% lower than the high set over the first five months of 2010 ($126 billion). Conversely, non-home finance write-offs total $33.9 billion year to date through May 2013, a year-over-year increase of 3% from $32.8 billion. In addition, year-over-year changes in home finance 30-day delinquency rates in May 2012 versus May 2013:
- First mortgage: decreased more than 22% (from a rate of 8.26% to 6.40%);
- Home equity revolving: decreased more than 22% (from 3.43% to 2.67%);
- Home equity installment: decreased 18% (from 6.39% to 5.24%)
Other highlights from the most recent data include:Auto:
- Year-over-year, the total balance of new credit increased nearly 9% from $740.7 billion in May 2012 to $806.5 billion in May 2013.
- The total number of new loans increased more than 8%, year-over-year, Q1 2012-2013, from 5.2 million to 5.6 million.
- By source, bank funded auto loans increased more than 13% year-over-year in Q1 2012-2013, from $18 billion to $20.4 billion, while auto finance company funded loans increased more than 5% in that same time, from $20.6 billion to $21.7 billion.
- 65% of severely delinquent balances are from loans opened 2005-2007.
- Year-over-year, agency funded first mortgage balances increased 4.5% from $3.75 trillion in May 2012 to $3.91 trillion in May 2013.
- Conversely, non-agency funded first mortgage balances decreased 7.7% in the same time, from $4.13 trillion to $3.81 trillion.
- The total number of new loans in Q1 2013 are 211,000, a year-over-year increase of more than 10%
- Year-over-year, the total balance of new credit increased more than 15% in that same time, from $17.6 billion to $20.2 billion.
- Both new loans and new credit for Q1 2013 are four-year highs for that time period.
- 73% of severely delinquent balances are from loans opened 2005-2007.
CONTACT: Demitra Wilson (404) 885-8907 Demitra.Wilson@equifax.com