Consumer credit defaults decreased in all major categories during February, according to the latest data released today for the S&P/Experian Consumer Credit Default Indices.
Meanwhile, the second mortgage default rate dipped to 1.46 percent, down 3.41 percent from January and 52.10 percent from February 2010.
Bank card and auto loan defaults also improved on both a month-ago and year-ago basis, pushing the composite index to 2.54 percent, down 12.50 percent from January and 42.28 percent from February 2010.
With regard to region, the Los Angeles metro displayed the most improvement in consumer defaults year-over-year, with a composite default rate of 2.70 percent, down 55.15 percent from last year.
But Dallas has the lowest current composite default rate, at 1.78 percent, down 43.17 percent from last year.
Miami has seen defaults fall just over 50 percent from a year ago, but is still struggling with a 6.05 percent default rate, more than double many of its peers.
“Default rates continue to fall across all major categories and year over year across the five high-lighted cities. The overall trend has lasted a number of months now, reflecting improved consumer health and the appearance of continued economic recovery,” says Craig Feldman, Director at S&P Indices, in a press release.
The data in the report is pulled from Experian’s consumer credit database, covering approximately $11 trillion in outstanding loans sourced from 11,500 lenders.
Seems to be good news…