Mortgage and Credit Card “Delinquencies Drop”

The begnning of new trends? Fewer U.S. consumers fell behind on their home loans and credit card payments in the second quarter, reports TransUnion.

The rate of borrowers 60 days or more past due on their mortgages slipped to 5.49 percent from 5.78 percent in the first quarter of 2012. TransUnion expects mortgage delinquencies to continue to fall for the rest of the year as the economy slowly improves.

“The economy has not grown at a robust rate, but it does continue to slowly improve and we believe the improvement in mortgage delinquencies will follow a similar pattern,” Tim Martin, group vice president of U.S. Housing in TransUnion’s financial services business unit, told the Wall Street Journal.

Credit card holders 90 days or more past due fell from 0.73 percent in the first quarter to 0.63 percent in the second quarter.

Source: “TransUnion: U.S. Mortgage, Credit-Card Delinquency Rates Decline in 2nd Quarter,” Wall Street Journal (08/14/12)