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Mortgage Lending Patterns in Fourth District Communities as of December 2009

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The troubling performance of prime loans:

Prime loans at least 60 days delinquent by zip code, as of December 2009

1. Higher unemployment rates are putting upward pressure on delinquency rates, particularly in the rural counties of Kentucky and Ohio.

Figure 1: Percentage of Prime Loans at Least 60 Days Delinquent by Zip Code December 2009

Change in home price index

2. Home prices in the 4th District continue to fall, with Ohio experiencing the sharpest drop. On the plus side, the rates at which prices are falling appear to be stabilizing.

Figure 2: Chance in Home Price Index

Trends in Prime versus Subprime Foreclosures and Real Estate Owned Properties

3. The percentage of prime loans at least 60 days delinquent continue to increase in all 4th District states. This trend can spur future growth in prime foreclosures.

4. The percentage of prime loans in foreclosure is increasing in Kentucky and Ohio, but appears to be moderating in Pennsylvania and West Virginia.

5. Subprime loans are experiencing similar trends, except at substantially higher rates. Charts here.

Figure 3: Percent of Prime Loans at Least 60 Days Delinquent
Figure 4: Percent of Prime Loans in Foreclosure

Table 1: Top 10 (highest)

State County Loans Serviced L/EMU Foreclosure Rate 60+ Days Delinquent
OH Mahoning 11,845 26.63% 4.89% 6.82%
OH Trumbell 11,485 29.16% 4.88% 6.97%
OH Ashtabula 5,533 31.32% 4.68% 6.85%
OH Henry 800 13.83% 4.50% 8.50%
OH Highland 1,292 16.88% 4.41% 10.06%
OH Cuyahoga 85,795 36.43% 4.38% 7.74%
OH Crawford 1,406 17.64% 4.34% 9.10%
KY Montgomery 1,206 28.61% 4.31% 6.80%
OH Jefferson 2,131 20.45% 4.18% 6.47%
OH Defiance 854 10.56% 4.10% 7.26%

Charts correspond to full-state statistics.

Prime loan foreclosure rates by county, December 2009

6. Nine out of the top ten 4th District counties for prime foreclosures are in Ohio.

  • Delinquency rates are comprised of a sample of prime loans at least 60 days delinquent.
  • At least 70% of county's housing units are in rural areas.
  • At least 70% of county's housing units are in urban areas.
  • L/EMU: Loans in the database as a % of estimated mortgage units in the county, according to the American Community Survey (2006-2008)
  • Source: LPS(Lender Processing Services Inc.) Applied Analytics

These data briefs provide periodic snapshots of mortgage lending activity and foreclosure patterns in our District using the most recent data (check out this detailed, county-specific map of the 4th District). Delinquency and foreclosure data are from LPS. The data include loan level servicing data for both securitized loans and loans held in portfolio from the top 10 residential mortgage servicers in the nation and others. Smaller servicers have less representation.

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