ATLANTA, Oct. 28, 2013 (GLOBE NEWSWIRE) -- According to the latest Equifax (NYSE:EFX) latest National Consumer Credit Trends Report, the total balance of home finance write-offs year to date through September is $96.3 billion, representing a decrease of more than 22% from same time a year ago and a six-year low. Similarly, year-over-year changes in home financing total delinquencies (30-or-more days past due or in foreclosure) include:
"Improvements in labor markets and rising home values are pushing down mortgage delinquency rates and the outlook is very positive for continued improvement. We're now back to where we were in mid-2008 in terms of severely delinquent first mortgages and current trends suggest we will be at pre-recession levels of severe delinquencies by the end of 2014," said Equifax Chief Economist Amy Crews Cutts. "Generally speaking, transitions to deeper stages of delinquency are slowing, so, for example, fewer loans that are now 30 days late are transitioning to 60 days late. But we are also seeing acceleration in the transition rates from loans that have started the foreclosure process to being bank-owned in REO status. This acceleration primarily reflects reductions in judicial timelines in states where foreclosures have to go through court review."
Other highlights from the most recent Equifax data include:
Home Equity Revolving
Home Equity Installment
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 500 million consumers and 81 million businesses worldwide, and uses advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was also named to the InfoWeek 500. For more information, please visit www.equifax.com.
CONTACT: For More Information: Demitra Wilson (404) 885-8907 firstname.lastname@example.org
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