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Bailout

: Calculated Risk

ABA: Record Home-Equity Loan Delinquencies

By Anonymous

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From Bloomberg: U.S. Home-Equity Loan Delinquencies Set Record in First Quarter (ht Bob_in_MA)
Late payments on home-equity loans rose to a record in the first quarter ...

Delinquencies on home-equity loans climbed to 3.52 percent of all accounts in the quarter from 3.03 percent in the fourth and late payments on home-equity lines of credit climbed to a record 1.89 percent, the group said. ...

?The number one driver of delinquencies is job loss,? James Chessen, the group?s chief economist, said in an e-mailed statement. ?Delinquencies won?t improve until companies start hiring again and we see a significant economic turnaround.?

Update: headline corrected, ABA, not MBA.


Full post as published by Calculated Risk on July 07, 2009 (boomark / email).

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