Home Equity Late Payments Rise

Late payments on U.S. home equity lines of credit rose to a 21-year high in the first quarter of 2008, due to continued stress in the housing market and general weakness in the economy, the American Bankers Association said Wednesday.Home equity lines that were more than 30 days past due rose to 1.1 percent from 0.96 percent the prior quarter, the highest rate since the ABA began collecting data in 1987.ABA Chief Economist James Chessen said delinquencies are likely to remain elevated in the near term."The tax stimulus is helping to boost personal income, but persistently high gas and food prices will eat away at overall resources," Chessen said.