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Economy in Brief

U.S. Loan Delinquencies  Fall
by Tom Moeller July 8, 2010

The American Bankers Association reported yesterday that the percentage of most types of closed-end loans behind on payments declined in March. Leading the decline was the drop in delinquent auto loan payments. Just 1.79% of loans made directly from the bank to the customer were late versus 1.94% at the end of last year and 2.03% at the end of 2008.The figure had reached a peak of 3.12% in February '09. Three percent of indirect loans extended by dealerships were delinquent.At the high end of the loan-delinquency scale was education and home equity financing.

For open-end loans, bank credit-card financing was behind to the greatest degree. However, the 3.88% of loans that were late compared to a peak 5.05% at the end of the last recession. The notion that individuals are paying off and cutting up credit cards seems real. Running counter to the trend of improved credit usage were the figures on non-card revolving credit. For these loans, a near-peak 1.63% were behind in receiving payments.

The loan delinquency figure are available in Haver's DLINQ database. 

Risk of Slower Growth Ahead from the Federal Reserve Bank of Dallas Can be found here.

Loans Past Due As A Percentage
Of Outstanding Loans(End of Period) 
March February January 2009 2008 2007
Closed-end Loans
   Personal 3.61 3.73 3.89 3.63 2.88 2.48
     Direct Auto 1.79 1.86 1.95 1.94 2.03 1.90
     Indirect Auto 3.03 3.16 3.25 3.15 3.53 3.13
   Property Improvement 1.40 1.47 1.38 1.63 1.75 1.81
   Home Equity 4.12 4.13 4.22 4.32 3.03 2.39
   Education 7.88 6.65 6.64 -- 6.93 3.39
Open-end Loans
   Home-equity 1.81 1.87 1.92 2.04 1.46 0.96
   Bank card 3.88 4.09 4.22 4.39 4.52 4.38
   Non-card revolving 1.63 1.66 1.44 1.46 1.35 1.12
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