View
4
Download
0
Category
Preview:
Citation preview
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 y4 t h Q u a r t e r 2 0 1 2
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 • fourth quarter 1
SummaryAverage consumer debt in Oklahoma
increased significantly in the fourth quarter by $260 to $14,320, and increased consistently over the past year for a total rise of 5.6 percent (Chart 1). Previously, consumer debt had fallen steadily as households pared balance sheets following the recession. Still, average consumer debt in Oklahoma was the lowest in the District along with Nebraska, which had the same average debt level (Chart 2). Revolving debt has continued to fall, including in the fourth quarter. Consumer delinquencies also continued to fall, in line with national delinquency rates, with the exception of student loans, where the delinquency rate remained among the highest in the nation (Chart 3). But the student loan delinquency rate has fallen significantly in Oklahoma over the past year. Still, consumer delinquencies were much higher than average consumer delinquencies in the District. Mortgage delinquencies were the highest in the District, although they remained moderately below U.S. rates (Chart 4). Mortgage delinquencies were especially high in the northeastern part of the state, including the Tulsa metro area (Map).
In This Issue: A Look at Mortgage Delinquencies
Past due mortgages peaked at a relatively high rate by District standards in early 2010 and have fallen off since then. But the rate of decline has been more gradual than in other District states and in the U.S. as a whole (see District report). Both serious delinquencies and foreclosures peaked very late compared to most District states and with the U.S. as a whole, and thus have had little time to improve significantly.
$4,000
$8,000
$12,000
$16,000
$20,000
$4,000
$8,000
$12,000
$16,000
$20,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Total Consumer Debt (excludes first mortgage)
Revolving Debt
U.S.
OK
U.S.
OK
Four-quarter moving average
$4,000
$8,000
$12,000
$16,000
$20,000
$4,000
$8,000
$12,000
$16,000
$20,000
U.S. District States CO KS MO NE NM OK WY
4th Quarter, 2011 4th Quarter, 2012
Four-quarter moving average
Chart 1: Average Debt Per Consumer
Chart 2: Average Debt Per Consumer
�onsumer �redit�eport �klahoma
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.Notes: Excludes first mortgage. 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.Notes: Excludes first mortgage. A first mortgage represents the primary note on the home and typically is not used to purchase consumer goods.
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 t4 t h Q u a r t e r 2 0 1 2
2
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 • fourth quarter
Chart 3: Average Consumer Delinquency Rates
Chart 4: Mortgage Delinquencies
3.1%
9.7%
1.8%
5.7%
3.0%
15.2%
1.8%
5.7%
102.4
80.3
25
50
75
100
125
150
175
200
4%
8%
12%
16%
20%
U.S. OK
Four-quarter moving average
Auto (percentage of
outstanding loans)
Student Loan (percentage of
outstanding loans)
Bank Card (percentage of
outstanding accounts)
Any Account (percentage of
outstanding accounts)
Bankruptcy Filings Per 10,000 Households
(annual rate)
Sources: Federal Reserve Bank of New York Consumer Credit Panel/Equifax and the Administrative Office of the U.S. Courts.Notes: At least 30 days past due. “Any Account” includes accounts not otherwise reported in the chart, such as first mortgages. Estimates of households are updated in the second quarter.
10.8%
7.8%
10.0%
9.3%
10.2%
6.6%
4.0%
5.3% 5.0%
5.5%
2%
4%
6%
8%
10%
12%
2%
4%
6%
8%
10%
12%
U.S. District Oklahoma Oklahoma City Tulsa
Past Due Seriously Delinquent
Source: Lender Processing Services Inc. Notes: Figures represent the share of outstanding mortgages. “Past due” represents mortgages that are 30 days or more delinquent, including those in foreclosure. “Serious delinquncies” represent mortgages that are 90 days or more past due or in some stage of the foreclosure process.
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 t4 t h Q u a r t e r 2 0 1 2
3
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 • fourth quarter
Map: Serious Delinquency Rates by County
Chart 5: Mortgage Delinquency Trends in Oklahoma
Source: Lender Processing Service Inc. Note: Serious delinquencies represent mortgages that are 90 days or more past due or in some stage of the foreclosure process.
10.8% 10.0%
3.1% 2.9%
5.4% 5.3%
0%
2%
4%
6%
8%
10%
12%
0%
2%
4%
6%
8%
10%
12%
Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12
Past Due
Foreclosure
Seriously Delinquent
Share of outstanding mortgages
Source: Lender Processing Services, Inc. Notes: Past due represents mortgages that are 30 or more days delinquent, including those in foreclosure. Serious delinquncies 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 of consumer credit standing in each state of the Tenth District, which comprises Colorado, Kansas, western Missouri,
Nebraska, northern New Mexico, Oklahoma and Wyoming. For questions or comments, contact Kelly Edmiston, senior economist, at kelly.edmiston@kc.frb.org.
TexasOsage
Ellis
BeaverKay
Cimarron
Caddo
Le Flore
Woods
McCurtain
Grant
Grady
Major
Atoka
Kiowa
Creek
Bryan
Pittsburg
Harper
Custer
BlaineDewey
CraigAlfalfa
Garfield
Lincoln
Carter
Noble
Washita
Garvin
Tillman
Logan
Woodward
Pushmataha
Coal
Greer
Adair
Payne
Love
Mayes
Hughes
Roger Mills
Rogers
Comanche
Latimer
Beckham
Jackson
Cotton
Canadian
Stephens
Kingfisher
Choctaw
Haskell
Jefferson
Pontotoc
Muskogee
McIntosh
Johnston
SequoyahOklahoma
Ottawa
Wagoner
Tulsa
Delaware
Cherokee
Nowata
Pawnee
McClain
Okmulgee
Seminole
Harmon
Okfuskee
Murray
PottawatomieCleveland
Marshall
Washington
Legend
<1%
1%-2%
2%-4%
4%-6%
6%-8%
>8%
Insufficient Data
Recommended