{"id":24099,"date":"2022-08-10T02:34:09","date_gmt":"2022-08-10T02:34:09","guid":{"rendered":"https:\/\/curepossession.com\/?page_id=24099"},"modified":"2022-09-02T02:47:12","modified_gmt":"2022-09-02T02:47:12","slug":"the-mythical-repossession-explosion-and-the-real-data","status":"publish","type":"page","link":"https:\/\/curepossession.com\/hot-topics\/the-mythical-repossession-explosion-and-the-real-data\/","title":{"rendered":"The mythical repossession explosion, and the real data"},"content":{"rendered":"

\"The<\/h3>\n

Exploring the numbers<\/em><\/strong><\/span><\/h3>\n

Like vultures in the lurch, the repossession industry sits in wait for any economic sign that might foretell an end to the two-and-a-half-year repossession drought. So, when headlines splash across the news of an \u201cexplosion\u201d in repossessions, everyone gets excited. Unfortunately, this was all \u201cclick-bait\u201d with no statistical basis. But, doing a deep dive into the Fed\u2019s data, there are encouraging signs for the industry, but not so much for the economy.\u00a0<\/span><\/p>\n

Last week, Wolf Richter of WolfStreet, wrote an article titled \u201cNope, Auto-Loan Delinquencies and Repos Are Not \u201cExploding<\/a><\/span>\u201d: They Rose from Record Lows and Are Still Historically Low\u201d, in which he correctly snuffed the earlier mentioned click-bait headline stories of the mythical explosion in repossessions.<\/span><\/p>\n

Richter approached the issue from a simple cradle to grave snap shot of auto delinquency as reported by the New York Fed\u2019s<\/span>\u00a0<\/strong>Household Debt and Credit Report<\/span><\/strong><\/a>. In exploring the presence of repossessions, he pointed out the historical delinquency levels of where we are now compared to 19 years of delinquency reporting and found what we all knew all along. There was no significant increase in delinquency that would foretell an increase in repossessions.<\/span><\/p>\n

Download the Data Here!<\/span><\/em><\/strong><\/a><\/span><\/h2>\n

What the data does say<\/strong><\/span><\/h3>\n
\"\"<\/a>
Source: New York Fed\u2019s Household Debt and Credit Report – Click to enlarge<\/figcaption><\/figure>\n

So, I dug in a little deeper and downloaded the Fed\u2019s data and did manage to find some interesting trends which I charted out on my own to provide some historical perspective.<\/span><\/p>\n

Starting with 30-day delinquency, the true harbinger of rises in delinquency, I found that;<\/span><\/p>\n