KBRA’s U.S. Home Improvement Loan ABS Index showed slightly weaker overall credit performance in June, as annualized net losses and early-stage (30-59 day) delinquencies increased 9 basis points (bps) and 6 bps month-over-month (MoM), respectively. Meanwhile, late-stage (60+ day) delinquencies were mostly unchanged, moving less than 1 bp. With late-stage delinquencies remaining contained, KBRA expects credit performance to remain generally stable in the near term, although summer spending could contribute to modest softening in consumer credit performance.
From a year-over-year (YoY) perspective, index credit performance remained notably stronger, with all major metrics improving from last year. Annualized net losses declined 37 bps YoY, while early- and late-stage delinquencies decreased 9 bps and 3 bps, respectively.
Current index values, as well as MoM and YoY changes, are presented in the table below.
About the Indices
KBRA’s Home Improvement Loan ABS Index is…
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