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Economy in Brief

U.S. Loans Past Due Decline Sharply
by Tom Moeller April 6, 2011

The American Bankers Association reported that the number of loans past due as a percentage of the number of loans outstanding fell sharply by the end of last year. In addition, based on loan values the figure also was down sharply from its high. Nevertheless, the percentages remained up versus the beginning of the last recession.

Delinquent direct auto loans fell to the lowest since 1995. Personal loan delinquencies also showed great improvement, falling to 3.08% from the peak 3.93% in early-2009. Delinquent home improvement loans also fell sharply to 1.26% from the recession peak of 1.85%. The latest was the lowest level since 2006. Holding near the recent high were delinquent home equity loans.

Delinquent open-end loans also fell sharply, led by the drop in bank-cards to 3.28% and non-card revolving credit to 0.87%, roughly half the recent high. Delinquent home-equity lines of credit also fell  but only to 1.73% from the high of 2.12%. 

The American Bankers Assn. figures can be found in Haver's DLINQ database.

The minutes to the latest FOMC meeting can be found here.

Loans Past Due 30 or More Days as a % of Outstanding Dec Nov Oct 2010 2009 2008
Closed-End Loan
Personal Loans 3.08 3.30 3.42 3.08  3.63 2.88
 Automobile Loans
Direct From Bank 1.44 1.55 1.65 1.44 1.94 2.03
Indirect Through Dealer 2.66 2.81 2.96 2.66 3.15 3.53
Home Equity & Second Mortgages 4.05 4.09 4.14 4.05 4.32 3.03
Property Improvement 1.26 1.30 1.34 1.26 1.63 1.75
Open-End Loan
Home-equity 1.73 1.77 1.81 1.73 2.04 1.46
Bank card credit 3.28 3.37 3.46 3.28 4.39 4.52
Non-card revolving 0.87 0.92 0.99 0.87 1.46 1.35
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