I opened the daily newsletter from Scottrade, which I never read, and it had an interesting article or two. The one that caught my attention was about the rising delinquency rate on HELOC’s.
S&P said that 9.19% of lines issued in 2005 and 11.45%of loans issued in 2006 are delinquent, up 6.49% and6.51% from February. Serious delinquencies, where lines are 90-days plus overdue or in foreclosure, shot up 8.83%and 8.75% for 2005 and 2006, respectively, representing5.3% and 6.34% of the years’ total issuance.
Yikes.
I’d give a link if I could, but it shows up in my mailbox. This might work, but you may need to be a Scottrade customer.
