More HELOC customers are now delinquent on their loans than have been since 1997.

MarketWatch reports:

“Delinquency rates for home equity lines of credit and bank cards rose during the first quarter, the American Bankers Association reported Wednesday, citing ongoing housing market stress and general economic weakness.”

HELOC delinquencies have reached 1.1% - meaning that over one in every hundred borrowers has an account over 30 days past due.

No wonder banks are tightening requirements on home equity loans.

See Also:

Banks Record Unprecedented HELOC Losses

HELOC Lenders More Unpredictable Than Ever

Tags | Heloc, heloc crisis, home equity line of credit, mortgage crisis