NEW YORK—The Federal Reserve Bank of New York today released the Second Quarter 2008 Bank Card and Mortgage Delinquency Maps.
Over the 12 months ending in June 2008, bank credit card 60+ day delinquency rates increased in 60 percent of US counties covered (1,715 of the 2,837 counties covered) and mortgage 90+ day delinquency rates increased in 74 percent of US counties covered (2,106 counties).
Counties with high mortgage delinquency rates also tended to have high credit card delinquency rates. That is, counties’ bank card and mortgage delinquency rates were moderately positively correlated (correlation coefficient of +0.37).
In most counties, mortgage delinquencies worsened more rapidly than did bank card conditions. In 71 percent of counties covered (2,014 counties), mortgage delinquency rates increased more (in percentage points) than their bank card delinquency rates. In 125 counties bank card delinquency rates doubled or more in the past 12 months, while 803 counties’ mortgage delinquency rates increased by double or more. Quarter-to-quarter changes were not compared due to seasonal influences.
This release is part of the Federal Reserve System’s Homeownership and Mortgage Initiatives. The Bank expects this information to help regional community groups and policymakers to better understand, monitor and address local conditions related to credit and mortgage delinquencies and foreclosures. The source of the data is the credit reporting agency, TransUnion, LLC and its Trend Data database. The smallest 10 percent of counties, by population, are not covered.