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S&P/EXPERIAN: National Credit Default Rates Fell in February 2014 According to the S&P/Experian Consumer Credit Default Indices; Four Cities Saw Default Rates Decrease in February 2014
All of the five national indices showed a drop-off for the month of February. The national composite posted 1.30% in February, its lowest rate since August 2006. The first mortgage default rate was 1.23% in February, down from 1.26% last month. The second mortgage posted 0.69% in February, down from 0.72% in January. The auto loan default rate was 1.03% in February, down from 1.11% in the previous month. The bank card rate of 2.83% is a new historic low beating out the previous low of 2.97% set in October 2013.
“Despite some mixed economic reports and severe weather, consumer credit default rates continue to decline” said David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices. "Across all categories default rates improved. Other data confirm the improving trends. Retail sales revived in February, purchase of services rose 0.9 %, the largest jump in over 10 years and personal income is resilient as incomes rose by 0.3%. Consumer default rates have stabilized at levels similar to those seen before the financial crisis."
“Four out of the five cities saw default rate decreases," Blitzer added. "Dallas was the only city to see an increase in default rates; it posted 1.16%, 2 basis points higher than last month’s level. Miami recorded the largest downturn; it posted 2.23%, 38 basis points lower than January’s level. Los Angeles continued its downwards trend, recording 1.05%, the lowest default rate seen since July 2006. Miami maintained the highest default rate and Los Angeles had the lowest. Four cities – Chicago, Dallas, Los Angeles and Miami - remain below default rates they posted a year ago, in February 2013.”
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