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Originations, which we measure as appearances of new mortgage balances on consumer credit reports, rose to $577 billion. The level of originations has been increasing since bottoming out in the third quarter of 2011.
About 184,000 individuals had a new foreclosure notation added to their credit reports between January 31 and March 31. Foreclosures are down 12.5% from the previous quarter, the fourth consecutive quarterly decline, and 68% below the peak of 566,000 new forclosures in the second quarter of 2009.
Mortgage delinquency rates continued to improve in 2013Q1, with 5.4% of mortgage balances 90+ days delinquent, compared to 5.6% in the previous quarter.
Delinquency rates in Home Equity Lines of Credit dropped again, from 3.5% in 2012Q4 to 3.2% in 2013Q1.
Outstanding student loan balances increased by $20 billion during the first quarter, to a total of $986 billion as of March 31, 2013. 2
The 90+ day delinquency rate on student loans dropped and stands at 11.2%, down from 11.7% in 2012Q4
Credit Cards and Consumer Credit Demand
Aggregate credit card limits were roughly flat during the quarter
There are 383 million open credit card accounts, unchanged from 2012Q4.
Balances on credit cards accounts fell by approximately $19 billion.
The number of credit inquiries within six months – an indicator of consumer credit demand –declined again. There were
158 million inquiries in 2013Q1, down from the 164 million inquiries seen in the previous quarter.
Auto loan originations dropped in the first quarter of 2013. During the first quarter, there were $78 billion in newly originated auto loans, down 12.3% from the previous quarter.
The percentage of auto loan debt that is 90 or more days delinquent fell slightly to 3.9%.