Why it matters
Analysis: a stock measure and an activity flow can move in opposite directions. Examine transitions, cures, modifications and the timing of foreclosure actions before assigning one direction to household credit. A better aggregate performing share can coexist with concentrated distress.
What remains uncertain
The report covers performance through June 30, not September. Its roughly 10.1 million loans represent about 18.8% of U.S. residential mortgage debt; it is not a census of all mortgages or unsecured borrowers.