Consumer Credit Conditions in the Ninth District
To enhance understanding of consumer credit conditions in the Ninth Federal Reserve District and nationwide, we offer visual representations of credit quality and credit usage on the tabs below. Note: For each point in time shown, the credit quality charts for credit scores and files with a foreclosure reflect debt repayment experience over several previous years. The remaining charts reflect credit usage or delinquent debt as of the final month of each quarter.
Data source: The Federal Reserve Bank of New York/Equifax Consumer Credit Panel.
Last updated May 22, 2014
”MFI“ in the figures below stands for median family income
, which is defined in our Data Overview
Figure 16: Share of Consumer Credit Files with a Foreclosure
For the Ninth District (dark lines) and Nationwide (light lines)
Tradelines with balances charged off due to nonpayment within the last 7 years are included in these data, to the extent that lenders continue to report them.
Adults with a foreclosure in their credit file face special challenges in obtaining new mortgages and other loans. This problem is not widespread, as the share of District consumer credit files showing a foreclosure within the past seven years was about 1.5 percent in the first quarter of 2014. However, the share of affected files remains three times as high as in 2005 and is down only slightly from a post-housing-bust peak of 1.8 percent in the first quarter of 2012. The 2005–2012 rise in files with foreclosures occurred across all tract-income groups but was especially sharp in the District’s low-income tracts. There the percentage tripled, from about 1.2 percent in 2005 to 3.6 percent in late 2011 and early 2012. Even after falling sharply to about 2.3 percent in the first quarter of 2014, the percent of files with foreclosures in the District’s low-income tracts remains higher than the foreclosure rates for other tract-income groups nationally or in the District.
For more information about the data and methodologies used here and additional resources related to consumer credit data, see our Data Overview
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