Per an article published in the Los Angeles Times, “The delinquency rate on home equity loans has fallen for the first time in two years, reflecting the slowly stabilizing housing market and consumers' efforts to clean up personal balance sheets, the American Bankers Association…”
The downward move was anxiously expected by the ABA, and it is the first downward move since the first quarter of 2008.
There was also a decline on missed payments on consumer loans and bank cards as well.
This information is valuable to economists as they study consumer trends as well as the stability (or lack thereof) in the housing market.
According to the chief economist of the ABA, "The pace, …of the housing recovery is still going to be very long and drawn out."
Visit my web site, www.corinanoriega.net and search for trends in our neighborhood under "Search Properties".
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