Regional Economics Information

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Data & Analysis

Financial Services - October 2008

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

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Sixth District Commercial and Industrial Loans
Sixth District Commercial and Industrial Loans
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Source: Quarterly Call Reports (FRBA)
Data and Analysis

Financial Services

October 2008

Financial conditions remained severely constrained in October. Both individuals and small businesses faced tough credit conditions. The number of foreclosures increased in the District, indicating continued deterioration in credit quality. Banks in the District reported lower earnings.

Consumer Lending
Commercial and Industrial Lending

Consumer Lending
The percentage of seriously delinquent subprime mortgages increased from the first quarter to the second quarter of 2008 for most Sixth District states: from 12 percent to 12.4 percent in Alabama; from 22.2 percent to 26.3 percent in Florida; from 14.6 percent to 15 percent in Georgia; from 13.6 percent to 13.8 percent in Louisiana; and from 12.4 percent to 12.6 percent in Tennessee. Mississippi was the only District state that saw a marginal decline in seriously delinquent subprime mortgages, from 16.2 percent in the first quarter to 16.1 percent in the second quarter.

Data for banks headquartered in the Sixth District indicate that loans secured by real estate grew by 2 percent in the second quarter of 2008 compared to 5.3 percent on a year-over-year basis. Credit card debt extended by District banks continued to show strong growth in the second quarter of 2008 compared to a year earlier and has been growing since the first quarter of 2007.

Commercial and Industrial Lending
Commercial and industrial lending for banks headquartered in the Sixth District increased by 12.4 percent in the second quarter of 2008 compared to a year earlier and has been on the rise since the fourth quarter of 2007.


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