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First Mortgages lead the drop in June
NEW YORK () – Data through June 2010, released today by Standard & Poor’s and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, show that the monthly default rates declined for all five credit lines. Defaulting balances of bank card loans were 8.8% in June, down from 8.9% in May. First and second mortgage default rates were 3.3% and 2.4% respectively, with first mortgage default rates declining 5.0% from last month and 45.2% from a year ago. Auto loan defaults were 1.7% in June, down from 1.8% in May.
“The consumer credit picture shows encouraging progress as default rates continue to fall across major categories and in the highlighted cities. The d