Delinquencies fell during the second quarter in seven of the 11 bank loan categories tracked by the American Bankers Association, the group announced today.
Direct auto loan delinquencies were 1.79%, compared with 1.94% in the first three months of 2010; indirect auto loan delinquencies were 3.03%, compared with 3.15%; the rate of home equity loan delinquencies was 4.12%, compared with 4.32%; personal loan delinquencies fell from 3.63% to 3.61%; the delinquency rate on property loans was 1.40%, compared with 1.63%.
Home equity lines of credit delinquencies fell from 2.04% to 1.81% and bank card delinquencies fell from 4.39% to 3.88%.
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"It's clear that consumer balance sheets are improving. People are borrowing less, saving more and building wealth. These are all positive signs," said ABA Chief Economist James Chessen.
He said the decrease in delinquencies on housing-related loans is the "first inkling that stability is taking hold in the housing market, but the pace of recovery will still be long and drawn out."
The categories where delinquencies increased were: Marine loan delinquencies rose from 1.63% to 1.93%; mobile home loan delinquencies rose from 3.41% to 3.65%; RV loan delinquencies rose from 1.44% to 1.58%; Non-card revolving loan delinquencies increased from 1.46% to 1.63%.
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