Home Equity Loan Delinquencies Marginally Down

Good news on the home equity loan front. You know, when you’ve been hearing so much bad news for so long, some good news comes as a breath of fresh air. By bad news I mean all those debt problems, mortgage problems, rise in student loan rates, high insurance rates, high gas prices… just about everything had this feel of rising prices, costs with no income to support these costs.

Well, so the fact that delinquencies are down, calls for some celebration. According to the American Bankers Association’s Consumer Credit Delinquency Bulletin, home equity loan delinquencies fell to 1.89 percent from 1.94 percent in the second quarter. The survey also shows a slight increase overall in the percentage of consumer loans that are 30 days or more past due during the second quarter of 2006. Dsnews.com reports:

Property improvement loans and mobile home loans were among those loan types that had an increase in delinquencies. Property improvement delinquencies increased to 1.48 percent from 1.42 percent, while mobile home loan delinquencies rose to 3.61 percent from 3.37 percent.

Read more: ABA: Second Quarter Home Equity Loan Delinquencies Down