Consumer delinquencies fell last quarter to their lowest point in at least 15 years, according to data released yesterday by the American Bankers Association, NationalMortgageNews.com reported. The percentage of overdue closed-end loans was 1.35 percent in the second quarter, down three basis points from the first quarter. The ABA's composite ratio tracks delinquencies in eight closed-end installment loan categories including personal, home equity and direct auto loans. It defines a delinquency as a payment that is 30 days or more overdue. The latest figure was the lowest since at least 2001, and it marked nearly four years of delinquencies below the 15-year average of 2.21 percent. A big reason for the latest decline was the 30-day delinquency rate on home equity loans, which dipped four basis points from the first quarter to 2.70 percent.
