New Census Tract Map is First With March Nationwide FHA Serious Delinquency Loan Data : 762,000 Loans; Outstanding Loan Balance=$126+ BILLION.

I recently downloaded FHA serious delinquency (90+ days) single family loan data from the end of March. 

My analysis found 65,177 US census tracts with 1 or more serious delinquencies, and of those there were 28,009 census tracts with 11 or more serious delinquencies. 

Because the values for census tracts with 10 or less delinquencies were suppressed for privacy reasons, I constructed a nationwide map of just those 28,009 census tracts with 11 or more serious FHA delinquencies. 

Nationally those 28,009 census tracts had a total of 762,260 seriously delinquent FHA loans; the outstanding loan balance for those loans was more than $126 BILLION. 

In Oregon the 222 census tracts with 11 or more serious delinquencies had a total of 3,741 serious delinquencies and the outstanding loan balance was more than $790 Million. 

Note that these counts and loan balances do NOT include seriously delinquent loans in census tracts with 1-10 serious delinquencies. There are more than 37,000 of those census tracts nationally and 523 in Oregon alone.  

The map of census tracts with 11 or more serious delinquencies is HERE and embedded below. (It may take a few seconds to fully load so be patient). 

The value shown in each census tract (with 11 or more serious delinquencies) is the number of serious delinquencies as of March 31, 2021. 

IF you click on an individual census tract a menu with additional information appears. It includes information on series delinquency counts from early quarterly periods and for the seriously delinquent loans information on the original FHA loan amounts and the remaining FHA loan balance for each quarterly period.

Heads Up:

Look for a future post with tables of state information on counts of census tracts with FHA single family serious delinquencies and estimated counts of FHA total serious delinquencies with the outstanding mortgage balance of those delinquencies. 

Originally created and posted on the Oregon Housing Blog.

Oregon and Oregon County Property Tax Rates.

With property tax assessments starting to appear in our mailboxes, it is good time to compare Oregon and Oregon county property tax rates to the rest of the country, using ACS 2007 data.

The PDF I prepared HERE does this. Using rounded figures It shows:

1. Oregon has a 32% higher median property value than the U.S. average, but a 2% lower median homeowner income.
2. Oregon has a 16% lower ratio of median property taxes to median home value than the U.S. (.8% Oregon vs 1.0% U.S.) but it has a 15% higher ratio of property taxes to median homeowner income.(3.3% Oregon vs. 2.9% for U.S.)
   
3. Most Oregon counties also have a lower ratio of median property taxes to median home value than the U.S. average, but very few have a lower ratio of property taxes to median homeowner income than the U.S average.
   

(I got all the data in the tables from the Tax Foundation website; links appear at the bottom of each table. County information is not available for all counties in the ACS, only those with population of 65,000 or more--a total of 788 counties are in the 2007 ACS).

CORRECTED: 1st Quarter 08 Mortgage Bankers State Foreclosure Analysis.

[The PDF state table previously posted had incorrect headers for some columns. The comparison should have been to the 1st quarter 2007, not to the "prior quarter". I have corrected the PDF table linked below and also changed the wording below as necessary. My apologies, and THANKS to an alert reader who caught the error].
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The Joint Economic Committee has released 1st Quarter 2008 Mortgage Bankers Association foreclosure data by state. Their press release is HERE.

I have done an analysis of the data released, and added some columns to total the number of foreclosures, and to compare prime and sub prime foreclosure rates. (My earlier analysis of 4th quarter 2007 MBA foreclosure state data can be found within this earlier post HERE).

The PDF state table I constructed with the NEW 1st quarter 2008 data is HERE.

My analysis for Oregon shows:

1. In the first quarter 2008 in Oregon there were 6,914 homes in foreclosure, compared to 5,403 homes in the 1st quarter 2007--that's an increase of 28%. That increase is higher than the national increase for the same period of 20%.
2. There was a 140.6% increase in Oregon prime loans in foreclosure from the 1st quarter 2007 to the 1st quarter 2008. That's higher than the national prime loan foreclosure rate increase of 134.9%.
3. There was a 136.7% increase in Oregon sub prime loans in foreclosure in the first quarter 2008 compared to the 1st quarter 2007--that's a higher % increase than the national sub prime increase of 102.5%.
4. More than 1 in every 20 Oregon sub prime loans (5.2%) were in foreclosure during the 1st quarter 2008.
5. The 5.2% Oregon sub prime rate of foreclosure in the 1st quarter of 2008 is nearly 12 times the .44% rate of Oregon prime loans in foreclosure. The 11.7 Oregon ratio of sub prime loans to prime loans in foreclosure is also higher than the national ratio of 8.9%.
   

ACS 2006 Analysis 1: Rent Burdened Percentage Increased in United States Last Year and In Last 4 Years, But Oregon's Percentage Decreased.

I have just completed my first review of data from the American Community Survey for 2006. The analysis is of estimates of the state percentage of renters paying 30% or more of their income for housing, often called “rent burdened” households.

From 2005-2006 the US percentage of renters paying 30% of income increased by .7% , while Oregon’s percentage decreased by 2.3%.

Looking at change over a longer period from 2003-2006, Oregon did even better, with the fourth largest state decrease of 3.7% vs. a nation increase of 6.5%

Oregon’s improvement to 47% or renters paying 30% or more of income for rent in 2006 still left Oregon above the national average of 46%. Our state ranking improved from the #1 [The Worst] ranking of 4 years ago to a still less than stellar # 11 state ranking in 2006.

NOTE: Idaho’s improvement in last year and last 4 years was BEST in the country, bringing their 2006 rent burdened percentage below 40%. Idaho now ranks as the 46^th rent burdened state compared to a state ranking of 17 just four years ago.

My detailed state data analysis and comparisons are HERE in this three page PDF document.

House Financial Services Committee Completes Markup of Housing Trust Fund Bill; Action on Related Funding Bills Still Pending.

On Tuesday July 31^st Chair Barney Frank pushed through the Financial Services Committee, by a 45 to 23 vote, the Housing Trust Fund bill (H.R. 2895). This sets the stage for later consideration by the full House after the August recess. It appears that a Chairman’s amendment to the bill, designed to address objections raised during a prior hearing, was also adopted—it is not clear at this moment what additional amendments were offered and the Committee action on any of these additional amendments. The current summary of H.R. 2895 can be found in the press release section of the House Financial Services website, HERE.

Funding for the Housing Trust Fund depends on Congressional adoption and Presidential approval of two additional bills still pending:

1. The GSE Affordable Housing Fund (H.R. 1427) which passed the House in late May. NOTE—In this bill for the first year funding, 75% of the funds would go to the State of Louisiana and 25% to the State of Mississippi for the rebuilding and repair of housing affordable to very low and extremely low income families. Said differently, there would be no funds available from this source for the first year.

2. FHA savings that result from the enactment of the Expanding American Homeownership Act (H.R. 1852), which was passed by the Committee but has yet to be acted upon by the full House. (Funds generated from an expansion of the FHA Reverse Equity Loan program for seniors, AKA “the HECM program” would be the primary source of FHA funds for the Housing Trust fund).

OK, OK—How much for Oregon?

I have not been able to locate any estimate of how much of the annual funding from H.R. 2895 would flow to Oregon. The general formula in HR 2895 is that 40% of available funding would go to states and tribes, with 60% for local jurisdictions, with individual states guaranteed a minimum of 1% of the allocation made to the states. (If the FHA funding made available was $300 Million and 40% of that was allocated to states, this would mean the minimum allocation to all states would be $1.2 Million. The ADDITIONAL direct allocation to qualified local jurisdictions in Oregon is impossible to predict at this point). Note that there are a number of conditions that would result in local jurisdictions below a threshold receiving nothing, with the amounts below that threshold reverting to the states. Note also that states would be required to develop and submit an allocation plan to HUD for approval for the funding they receive.