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F e d e r a l R e s e r v e B a n k o f K a n s a s C i t yS e p t e m b e r 2 0 1 0 F e d e r a l R e s e r v e B a n k o f K a n s a s C i t y2 n d Q u a r t e r 2 0 1 1
c o n s u m e r c r e d i t r e p o r t o k l a h o m a • second quarter 1
�ummary The Federal Reserve Bank of Kansas
City’s quarterly Consumer Credit Report provides a snapshot of the economic health of Oklahoma and its citizens.
Overall consumer debt in Oklahoma declined slightly in the second quarter of 2011, consistent with national trends. Mortgage delinquencies were below the national average but higher than the average for the Tenth District, which includes Colorado, Kansas, western Missouri, Nebraska, northern New Mexico, Oklahoma and Wyoming.
The average debt per consumer in Oklahoma was $13,900 in the second quarter, down signifigantly from 2009 but still higher than in 2001. Revolving debt, at $3,600, remained largely flat. Nationally, the figures were $17,000 and $7,700, respectively. About 1.3 percent of bank cards were delinquent, compared to 1.8 percent nationally. About 20 percent of student loans were delinquent (12.3 percent for U.S.) while 2.1 percent of auto loans were past due (3.4 percent for U.S.). About 86 of every 10,000 households filed for bankruptcy.
4.7 percent of mortgages in Oklahoma were seriously delinquent, which is defined as 90 or more days past due or in foreclosure, compared with 6.9 percent nationally and 4 percent across the Tenth District.
Total Consumer Debt (excludes first mortgage)
Revolving Debt
4-quarter moving average
$0
$4,000
$8,000
$12,000
$16,000
$0
$4,000
$8,000
$12,000
$16,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
2.1%
20.0%
1.3%
86.3
0
25
50
75
100
125
150
0.0%
6.0%
12.0%
18.0%
24.0%
Auto Delinquency(percent of
outstanding loans)
Student Loan Delinquency (percent of
outstanding loans)
Bank Card Delinquency (percent of
outstanding accounts)
Bankruptcy Filingsper 10,000 Households
(annual rate)
At least 30 days past due
Chart 1: Average Debt Per Consumer
Chart 2: Average Consumer Delinquency Rates
�onsumer �redit�eport �klahoma
Source: Federal Reserve Bank of New York Consumer Credit Panel/EquifaxNote: A first mortgage represents the primary note on the home and typically is not used to purchase consumer goods.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax and the Administrative
Office of the U.S. Courts
F e d e r a l R e s e r v e B a n k o f K a n s a s C i t y - Te n t h D i s t r i c t2 n d Q u a r t e r 2 0 1 1
2
10.9
7.7
9.2 8.7
9.3
6.9
4.0 4.7 4.4
5.0
0
2
4
6
8
10
12
0
2
4
6
8
10
12
U.S. District Oklahoma Oklahoma City Tulsa
Past Due Seriously Delinquent
Chart 3: Mortgage Delinquencies
CONSUMER CREDIT REPORT �klahoma
c o n s u m e r c r e d i t r e p o r t o k l a h o m a • second quarter
TexasOsage
Ellis
BeaverKay
Cimarron
Le Flore
Caddo
Woods
McCurtain
Grant
Grady
Major
Kiowa
Atoka
Creek
Bryan
Pittsburg
Harper
Blaine
Custer
Dewey
Alfalfa Craig
Lincoln
Garfield
Carter
Washita
Noble
Garvin
Logan
Tillman
Woodward
Adair
Pushmataha
Greer
Coal
Payne
Love
Hughes
Mayes
Roger Mills
Rogers
Cotton
ComancheJackson
Latimer
Beckham
Canadian
Stephens
Kingfisher
Choctaw
Haskell
Jefferson
Pontotoc
Muskogee
McIntosh
Johnston
SequoyahOklahoma
Ottawa
WagonerTulsa
Delaware
Cherokee
Nowata
Pawnee
McClain
Okmulgee
Harmon
Seminole
Okfuskee
Murray
PottawatomieCleveland
Marshall
Washington
Legend< 1%
1% - 2%
2% - 4%
4% - 6%
6% - 8%
> 8%
Insufficient Information
Map: Serious Delinquency Rates by County
Source: Lender Processing Services, Inc.Notes: The figures represent the share of outstanding mortgages. Past due represents mortgages that are 30 or more days delinquent, including those in foreclosure. Serious delinquencies represent mortgages that are 90 or more days past due or in some stage of the foreclosure process.
The Consumer Credit Report series is published quarterly by the Federal Reserve Bank of Kansas City to provide a summary view of consumer credit standing in each Tenth District state. For questions or comments, contact Kelly Edmiston, senior economist, at kelly.edmiston@kc.frb.org.
�otes
Source: Lender Processing Service Inc. Note: Serious delinquencies represent mortgages that are 90 or more days past due or in some stage of the foreclosure process.
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