Data through November 2013, released this week by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed stability in national default rates during the month.
The national composite was 1.37 percent in November, a slight decrease from 1.38 percent in October. The first mortgage default rate was 1.28 percent in November, down from 1.30 percent last month. The second mortgage posted 0.78 percent in November, up from 0.72 percent in October. The auto loan default rate was 1.15 percent in November, marginally higher than 1.14 percent in the previous month.
The bank card rate was unchanged from last month at 2.97 percent.
Three cities – Chicago, Dallas and Los Angeles – saw default rate decreases. Los Angeles posted its lowest default rate since September 2006, a low of 1.19 percent. Miami and New York were the only cities to post default rate increases. Miami recorded 2.46 percent, 35 basis points higher than last month’s level. Miami has the highest rate among the five cities while Los Angeles had the lowest. Four cities – Chicago, Los Angeles, Miami and New York - remain below default rates they posted a year ago in November 2012.”
The table below summarizes the November 2013 results for the S&P/Experian Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.