Data through July 2012, released on Aug. 21, 2012, by S&P Dow Jones Indices and Experian showed that most loan types saw a decrease in default rates, including the composite rate down for seven consecutive months.
Four of the five loan types posted their lowest rates since the end of the 2007/2009 recession, only second mortgage increased marginally from .73 percent in June to .75 percent in July. Bank card default rate had the largest drop in July, from June’s 3.97 percent to 3.83 percent. The first mortgage default rate was constant at 1.41 percent, keeping the recent low it posted in June. Auto loans and the national composite experienced slight decreases in default rate from June’s 1.04 percent and 1.52 to July’s 1.01 percent and 1.51 percent, respectively.
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