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National Credit Default Rates Reach New Post-Recession Low in April 2014
Friday, May 23, 2014 5:50 AM

Data through April 2014, released by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, showed decline in national default rates from the previous month. The national composite recorded its lowest post-recession rate; it posted 1.11 percent in April, the lowest default rate since June 2006.

The auto loan rate of 0.92 percent is a new historic low beating out the previous low of 0.99 percent set last month. The first mortgage default rate continued its downward trend, recording 1.01 percent in April, the seventh consecutive month of decline and lowest level seen since July 2006. Both the bank card and second mortgage saw their default rates increase; the bank card rate was 2.84 percent and the second mortgage posted 0.63 percent in April 2014.

Dallas, Texas posted a default rate of 0.83 percent, a new historic low. New York experienced the largest downturn; it posted 1.19 percent in April, 18 basis points lower than last month’s level. New York also recorded the largest decrease year-over-year; the 1.19 percent rate in April 2014 was down 59 basis points from the 1.78 percent rate in April 2013. Miami continues to maintain the highest default rate while Dallas has the lowest.