Regional Economics Information

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Data & Analysis

Financial Services - July 2008

Data Sources on the Web
Federal Deposit Insurance Corporation
Mortgage Bankers Association
 
Seriously Delinquent Rates on Subprime Mortgages by State: First Quarter 2008
Seriously Delinquent Loans
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Source: Mortgage Bankers Association

Seriously Delinquent Rates on Subprime Mortgages by State: Fourth Quarter 2007
Seriously Delinquent Loans
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Source: Mortgage Bankers Association

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Sixth District Commercial and Industrial Loans
Sixth District Commercial and Industrial Loans
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Source: Quarterly Call Reports (Federal Reserve Bank of Atlanta)
Data and Analysis

Financial Services

July 2008

Financial market conditions changed little in July. Tighter lending conditions and higher foreclosure rates continued to exert pressure on consumers in the District. Credit card lending was also higher. Bank earnings were under pressure in the second quarter.

Consumer Lending
Commercial and Industrial Lending

Consumer Lending
The percentage of seriously delinquent loans in the subprime mortgage segment remained high in the first quarter of 2008 but appeared to be leveling off in all states in the region other than Florida: 12.0 percent (up from 11.9 percent in the fourth quarter of 2007) in Alabama; 22.2 percent (up from 17.5 percent) in Florida; 14.6 percent (up from 13.6 percent) in Georgia; 13.6 percent (up from 13.2 percent) in Louisiana; 16.2 percent (down from 16.4 percent) in Mississippi; and 12.4 percent (up from 12.2 percent) in Tennessee. The increase in Florida was, again, the largest among District states—a nearly 5 percentage point increase from the fourth quarter.

Data for banks headquartered in the Sixth District indicate that loans secured by real estate increased in the first quarter of 2008 compared to the first quarter of 2007. Credit card debt extended by District banks increased in the first quarter of 2008 compared to a year earlier and has been growing since the first quarter of 2007.

Commercial and Industrial Lending
Data for banks headquartered in the Sixth District indicate that commercial and industrial lending increased by 8.7 percent in the first quarter of 2008 compared to a year earlier.


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