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U.S. markets recover from steep losses
WASHINGTON, July 8 (UPI) -- The American Bankers Association said U.S. delinquency rates on loans improved for the third consecutive quarter in the first quarter of 2010.
Delinquencies on consumer loans "showed broad-based improvement," the trade group said in a report released Wednesday.
The delinquency rate in an index that tracks eight different categories of consumer loans fell 21 basis points to 2.98 percent in the first quarter, ABA said.
Delinquencies on bank credit card loans dropped below 4 percent for the first time since the second quarter of 2002, reaching 3.88 percent, which is below the 15-year average of 3.93 percent.
In the quarter, home equity loan delinquencies dropped for the first time since the first quarter of 2008. Delinquency rates also improved for home equity lines of credit and property improvement loans.
"It's clear that consumer balance sheets are improving. People are borrowing less, saving more and building wealth. These are all positive signs," said ABA Chief Economist James Chessen.
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