Data through April 2013, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed a decrease in national default rates during the month. The national composite hit its post-recession low of 1.42% in April, down from 1.50% in March. The first mortgage default rate moved down to 1.31% in April from 1.41% in March. The auto loan default rate posted a 1.07% rate in April, down from its 1.11% March level. The bank card default rate increased in April, it posted 3.61% in April vs. 3.51% in March.

"Consumer financial condition continues to improve", says David M. Blitzer , Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices. "Continued improvements in the economy and declining consumer debt are resulting in lower consumer default rates for mortgages and automobiles.  Bank cards, where default patterns are more volatile, saw a small uptick in the latest month. While unemployment remains elevated, these data suggest that for many consumers the recession is definitely behind us.

"All five cities saw lower default rates in April. Chicago, Los Angeles and Miami hit new post-recession lows. Miami was down by 0.72 percentage points since March and 1.00 percentage point since February 2013. Dallas was down by 0.20 percentage points, Chicago by 0.14, and Los Angeles by 0.12 percentage points. New York was marginally down by 0.01 percentage point.Miami had the highest default rate at 2.21% and Dallas - the lowest at 1.00% among the five cities. All five cities remain below default rates they posted a year ago, in April 2012."

The table below summarizes the April 2013 results for the S&P/Experian Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

The table below provides the S&P/Experian Consumer Default Composite Indices for the five MSAs: