First Mortgage Default Rate at Highest Since September 2020
NEW
YORK, July 19, 2022 /PRNewswire/ -- S&P Dow
Jones Indices and Experian released today data through June 2022 for the S&P/Experian Consumer
Credit Default Indices. The indices represent a comprehensive
measure of changes in consumer credit defaults and show that the
composite rate rose two basis points to 0.53%. The bank card
default rate climbed six basis points to 2.55%. The auto loan
default rate was one basis point higher at 0.62% while the first
mortgage default rate was up two basis points to 0.38%.
Four of the five major metropolitan statistical areas ("MSAs")
showed higher default rates compared to last month. Miami had the largest increase, up 15 basis
points to 0.99%. Chicago and
Dallas each rose five basis
points, to 0.58% and 0.57% respectively. Los Angeles was one basis point higher at
0.46%. New York dropped six basis
points to 0.71%.
The table below summarizes the June
2022 results for the S&P/Experian Consumer Credit
Default Indices. These data are not seasonally adjusted and are not
subject to revision.
Index Levels –
National Indices
|
|
|
|
|
Index
|
June
2022
|
May
2022
|
June
2021
|
Composite
|
0.53
|
0.51
|
0.41
|
First
Mortgage
|
0.38
|
0.36
|
0.26
|
Bank Card
|
2.55
|
2.49
|
2.83
|
Auto Loans
|
0.62
|
0.61
|
0.30
|
Source:
S&P/Experian Consumer Credit Default Indices
|
Data through June
2022
|
The table below provides the index levels for the five major
MSAs tracked by the S&P/Experian Consumer Credit Default
Indices.
Index Levels – Major
MSAs
|
|
|
|
|
MSA
|
June
2022
|
May
2022
|
June
2021
|
New York
|
0.71
|
0.77
|
0.43
|
Chicago
|
0.58
|
0.53
|
0.38
|
Dallas
|
0.57
|
0.52
|
0.42
|
Los Angeles
|
0.46
|
0.45
|
0.37
|
Miami
|
0.99
|
0.84
|
0.82
|
Source:
S&P/Experian Consumer Credit Default Indices
|
Data through June
2022
|
For more information about S&P Dow Jones Indices, please
visit www.spglobal.com/spdji/en/.
ABOUT THE S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES
Jointly developed by S&P Dow Jones Indices LLC and Experian,
the S&P/Experian Consumer Credit Default Indices are published
on the third Tuesday of each month at 9:00
am ET. They are constructed to track the default experience
of consumer balances in four key loan categories: auto, bankcard,
first mortgage lien and second mortgage lien. The Indices are
calculated based on data extracted from Experian's consumer credit
database. This database is populated with individual consumer loan
and payment data submitted by lenders to Experian every month.
Experian's base of data contributors includes leading banks and
mortgage companies, and covers approximately $11 trillion in outstanding loans sourced from
11,500 lenders.
For more information, please visit:
www.spindices.com/indices/indicators/sp-experian-consumer-credit-default-composite-index.
ABOUT S&P DOW JONES
INDICES
S&P Dow Jones Indices is the largest global resource for
essential index-based concepts, data and research, and home to
iconic financial market indicators, such as the S&P
500® and the Dow Jones Industrial Average®.
More assets are invested in products based on our indices than
products based on indices from any other provider in the world.
Since Charles Dow invented the first
index in 1884, S&P DJI has been innovating and developing
across the spectrum of asset classes helping to define the way
investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE:
SPGI), which provides essential intelligence for individuals,
companies and governments to make decisions with confidence. For
more information, visit www.spglobal.com/spdji/en/.
ABOUT EXPERIAN
Experian is the world's leading global information services
company. During life's big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organisations to prevent identity fraud and crime.
We have 20,600 people operating across 43 countries and every
day we're investing in new technologies, talented people, and
innovation to help all our clients maximise every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global
content hub at our global news blog for the latest news and
insights from the Group.
Experian and the Experian trademarks used herein are
trademarks or registered trademarks of Experian. Other product or
company names mentioned herein are the property of their respective
owners.
FOR MORE INFORMATION:
spdji.comms@spglobal.com
April Kabahar
Head of Communications
S&P Dow Jones Indices
New York, USA
(+1) 917 796 3121
april.kabahar@spglobal.com
Lauren Davis
Americas
Communications
S&P Dow Jones Indices
New York, USA
(+1) 484 269 7118
lauren.davis@spglobal.com
Annie Russell
Experian Public Relations
(+1) 714 830 7927
annie.russell@experian.com
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SOURCE S&P Dow Jones Indices