S&P: Mortgage arrears still trending higher

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Via S&P:

Australian prime home loan arrears fell in August, according to a recently published report from S&P Global Ratings.

The Standard & Poor’s Performance Index (SPIN) for Australian prime mortgages was 1.36% in August, down from 1.38% in July. The decline was consistent with our expectations; arrears have typically decreased month on month in August for the past five years. At 1.36%, however, arrears are noticeably higher than the August average for the past five years of around 1.13%, though they remain low overall.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.