First Mortgage Balances Realize Largest Year-Over-Year Increase in 48 Months

The total balance of first mortgages increased 2.8 percent compared with a year ago, resulting in the largest year-over-year increase since September 2008, according to Equifax’s National Consumer Credit Trends Report. At $7.97 trillion, the total balance of first mortgages is the highest since December 2011.

Delinquent first mortgages, those 30 or more days past due, represent 5.65 percent of outstanding balances, a decrease of more than 22 percent from the same time last year. Similarly, the total balance of first mortgages 90 days past due or in foreclosure is less than $270 billion, a six-year low and a decrease of nearly 27 percent from the same time a year ago.