Housing Market and Mortgage Performance in Maryland and the District of Columbia

Transcription

1 QUARTERLY UPDATE Housing Market and Mortgage Performance in Maryland and the District of Columbia 4 th Quarter, 21 Joseph Mengedoth Michael Stanley

2 Figure 1 FHFA House Price Index: Maryland & DC Index, 199:Q1=1 Index, 199:Q1=1 United States District of Columbia Maryland Baltimore-Towson Cumberland Hagerstown-Martinsburg Salisbury Washington-Arlington-Alexandria Notes: Washington, DC refers to the Washington-Arlington-Alexandria metropolitan division (MD) Source: Federal Housing Finance Agency (21:Q4)/Haver Analytics Figure 2 Mortgage Distribution: Maryland 2a: Mortgages Outstanding 2b: Inventory Subprime 7.6% Prime 7.% FHA & VA 21.9% Subprime 34.9% Prime 38.% FHA & VA 27.2% Source: Mortgage Bankers Association (21:Q4)/Haver Analytics. ages may not sum to 1 due to rounding. 1

3 Figure 3 Mortgage Distribution: District of Columbia 3a: Mortgages Outstanding 3b: Inventory Subprime 6.% Subprime 34.4% FHA & VA 11.% FHA & VA 14.1% Prime 83.% Prime 1.6% Source: Mortgage Bankers Association (21:Q4)/Haver Analytics. ages may not sum to 1 due to rounding. Figure 4 age of Owner-Occupied Loans in or REO 1 : Maryland and DC Notes: Uncategorized zip codes have fewer than 1 total loans or no data available. 1 Real Estate Owned (REO) properties are in the possession of the lender due to foreclosure or forfeiture. 2

4 Figure age of Owner-Occupied Loans with 9+ Day Delinquency: Maryland and DC Notes: Uncategorized zip codes have fewer than 1 total loans or no data available. Figure 6 age of Owner-Occupied Prime Loans in or REO 1 : Maryland and DC Notes: FHA and VA loans are included in the count of prime loans. Uncategorized zip codes have fewer than 1 total loans or no data available. 3

5 Figure 7 age of Owner-Occupied Prime Loans with 9+ Day Delinquency: Maryland and DC Notes: FHA and VA loans are included in the count of prime loans. Uncategorized zip codes have fewer than 1 total loans or no data available. Figure 8 age of Owner-Occupied Subprime Loans in or REO 1 : Maryland and DC Notes: FHA and VA loans are included in the count of prime loans. Uncategorized zip codes have fewer than 1 total loans or no data available. 4

6 Figure 9 age of Owner-Occupied Subprime Loans with 9+ Day Delinquency: Maryland and DC Notes: FHA and VA loans are included in the count of prime loans. Uncategorized zip codes have fewer than 1 total loans or no data available. Figure 1 age of Owner-Occupied Mortgages with Subprime Loans: Maryland and DC Notes: FHA and VA loans are included in the count of prime loans. Uncategorized zip codes have fewer than 1 total loans or no data available.

7 Figure 11 Unemployment Rate: Maryland and DC Notes: Unemployment Rate in December 21 Source: Bureau of Labor Statistics/Haver Analytics Table 1 Rates by Mortgage Type: Maryland Maryland United States in National in Loan Type Rank Total Prime Total Prime Fixed-Rate Prime Adjustable-Rate Subprime Total Subprime Fixed-Rate Subprime Adjustable-Rate Source: Mortgage Bankers Association (21:Q4)/Haver Analytics Table 2 Rates by Mortgage Type: District of Columbia District of Columbia United States in National in Loan Type Rank Total Prime Total Prime Fixed-Rate Prime Adjustable-Rate Subprime Total Subprime Fixed-Rate Subprime Adjustable-Rate Source: Mortgage Bankers Association (21:Q4)/Haver Analytics 6

8 Table 3 Mortgage Delinquency Rates: Fifth District 9 + National in National Days Past Due Rank Forclosure Rank District of Columbia Maryland North Carolina South Carolina Virginia West Virginia Fifth District United States Source: Mortgage Bankers Association (21:Q4)/Haver Analytics Table 4 Prime Mortgage Delinquency Rates: Fifth District 9 + National in National Days Past Due Rank Forclosure Rank District of Columbia Maryland North Carolina South Carolina Virginia West Virginia Fifth District United States Source: Mortgage Bankers Association (21:Q4)/Haver Analytics Table Subprime Share of All Loans: Fifth District National Subprime Rank District of Columbia Maryland North Carolina.88 4 South Carolina Virginia.24 4 West Virginia Fifth District United States Source: Mortgage Bankers Association (21:Q4)/Haver Analytics 7

9 Table 6 Subprime Mortgage Delinquency Rates: Fifth District 9 + National in National Days Past Due Rank Forclosure Rank District of Columbia Maryland North Carolina South Carolina Virginia West Virginia Fifth District United States Source: Mortgage Bankers Association (21:Q4)/Haver Analytics Table 7 General Housing Statistics: Maryland Housing Units of Owner-Occupied Owner-Occupied Mortgages With: With a Prime Subprime Adjustable Interest Total Vacant Occupied Total Mortgage Loan Loan Rate Only Baltimore-Towson 1,132,21 93,486 1,38,76 691,72 36, Cambridge 16,4 3,32 13,22 9,263, Cumberland 46,3,623 4,727 29,72 16, Washington, DC MSA Entire MSA 2,213,72 139,22 2,74,73 1,333,662 1,126, District of Columbia 296,719 3,12 266,77 112, 9, Maryland Portion 882,966 4,91 828,1 62,96 472, Easton 19,77 3,42 16,17 11,6 7, Hagerstown 11,329 12,484 12,84 72,262 1, Lexington Park 41,282 3,678 37,64 26,966 21, Ocean Pines,749 33,2 22,229 16,737 1, Salisbury 2,322 6,314 46,8 28,946 2, Maryland 2,378, ,43 2,16,411 1,4,77 1,146, Fifth District 13,387,6 1,98,27 11,789,343 7,93,734,632, United States 131,74,73 14,988, ,716,292 7,986,74 1,28,28* Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Source: Housing units are reported in the 21 Census. Mortgage estimates are Federal Reserve Bank of Richmond calculations using data from McDash Analytics (December 21). Definitions of the metropolitan areas are provided later in the document. *The figure for owner-occupied units with a mortgage at the national level is calculated by summing the totals for the states. 8

10 Table 8 Owner-Occupied Loan Statistics: Maryland December 214 December Days Past Due in 9+ Days Past Due in Baltimore-Towson Cambridge Cumberland Easton Hagerstown Lexington Park Ocean Pines Salisbury Washington, DC* Maryland Fifth District United States *Only the Maryland portion of these MSAs is included here. Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A. 1 Figure 12 Owner-Occupied Loan Statistics: Maryland Days Past Due /14 2/1 4/1 6/1 8/1 1/1 12/ Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. 9

11 Figure 13 Owner-Occupied Loan Statistics: District of Columbia 9+ Days Past Due /14 2/1 4/1 6/1 8/1 1/1 12/1 Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Table 9 Owner-Occupied Prime Loan Statistics: Maryland December 214 December Days Past Due in 9+ Days Past Due in Baltimore-Towson Cambridge Cumberland Easton Hagerstown Lexington Park Ocean Pines Salisbury Washington, DC* Maryland Fifth District United States *Only the Maryland portion of these MSAs is included here. Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A. 1

12 Figure 14 Owner-Occupied Prime Loan Statistics: Maryland 9+ Days Past Due /14 2/1 4/1 6/1 8/1 1/1 12/ Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans Figure 1 Owner-Occupied Prime Loan Statistics: District of Columbia 9+ Days Past Due /14 2/1 4/1 6/1 8/1 1/1 12/1 Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans

13 Table 1 Owner-Occupied Subprime Loan Statistics: Maryland December 214 December Days Past Due in 9+ Days Past Due in Baltimore-Towson Cambridge Cumberland Easton Hagerstown Lexington Park Ocean Pines Salisbury Washington, DC* Maryland Fifth District United States *Only the Maryland portion of these MSAs is included here. Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A. 3 Figure 16 Owner-Occupied Subprime Loan Statistics: Maryland Days Past Due /14 2/1 4/1 6/1 8/1 1/1 12/1 Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. 12

14 3 Figure 17 Owner-Occupied Subprime Loan Statistics: District of Columbia Days Past Due /14 2/1 4/1 6/1 8/1 1/1 12/1 Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Table 11 Owner-Occupied Interest Only Loan Statistics: Maryland December 214 December Days Past Due in 9+ Days Past Due in Baltimore-Towson Cambridge Cumberland Easton Hagerstown Lexington Park Ocean Pines Salisbury Washington, DC* Maryland Fifth District United States *Only the Maryland portion of these MSAs is included here. Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A. 13

15 Figure 18 Owner-Occupied Interest Only Loan Statistics: Maryland /14 2/1 4/1 6/1 8/1 1/1 12/1 Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans Days Past Due Figure 19 Owner-Occupied Interest Only Loan Statistics: District of Columbia Days Past Due /14 2/1 4/1 6/1 8/1 1/1 12/1 Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans

16 Table 12 Unemployment Rates: Maryland & DC age Point Change from December 214 Unemployment Rate Baltimore-Towson Cambridge Cumberland Easton.1 -. Hagerstown-Martinsburg California-Lexington Park Salisbury Washington, DC Maryland District of Columbia Fifth District Note: Data are not seasonally adjusted. Source: Bureau of Labor Statistics/Haver Analytics (December 21) Table 13 Owner-Occupied Loan Statistics Washington, DC MSA December 214 December in 9+ in Days Past Due Days Past Due Calvert County Charles County Frederick County Montgomery County Prince George's County District of Columbia Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A.. 1

17 Table 14 Owner-Occupied Loan Statistics Baltimore-Towson MSA December 214 December in 9+ in Days Past Due Days Past Due Anne Arundel County Baltimore City Baltimore County Carroll County Harford County Howard County Queen Anne's County Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A.. Table 1 Owner-Occupied Prime Loan Statistics Washington, DC MSA December 214 December in 9+ in Days Past Due Days Past Due Calvert County Charles County Frederick County Montgomery County Prince George's County District of Columbia Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A. Table 16 Owner-Occupied Prime Loan Statistics Baltimore-Towson MSA December 214 December in 9+ in Days Past Due Days Past Due Anne Arundel County Baltimore City Baltimore County Carroll County Harford County Howard County Queen Anne's County Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A. 16

18 Table 17 Owner-Occupied Subprime Loan Statistics Washington, DC MSA December 214 December in 9+ in Days Past Due Days Past Due Calvert County Charles County Frederick County Montgomery County Prince George's County District of Columbia Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A. Table 18 Owner-Occupied Subprime Loan Statistics Baltimore-Towson MSA December 214 December in 9+ in Days Past Due Days Past Due Anne Arundel County Baltimore City Baltimore County Carroll County Harford County Howard County Queen Anne's County Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A. Table 19 Owner-Occupied Interest Only Loan Statistics Washington, DC MSA December 214 December in 9+ in Days Past Due Days Past Due Calvert County Charles County Frederick County Montgomery County Prince George's County District of Columbia Notes: FHA and VA loans as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A. 17

19 Table 2 Owner-Occupied Interest Only Loan Statistics Baltimore-Towson MSA December 214 December in 9+ in Days Past Due Days Past Due Anne Arundel County Baltimore City Baltimore County Carroll County Harford County Howard County Queen Anne's County Notes: FHA and VA as well as interest only loans are included in the count of prime loans. Areas with fewer than 1 total loans receive an N/A. 18

20 MSA Definitions 1. Baltimore-Towson, MD MSA Anne Arundel County, MD; Baltimore County, MD; Carroll County, MD; Harford County, MD; Howard County, MD; Queen Anne s County, MD; Baltimore city, MD 2. Bethesda, MD MSA- Frederick County, MD; Montgomery County, MD 3. Cambridge, MD MSA Dorchester County, MD 4. Cumberland, MD MSA Allegany County, MD; Mineral County, WV. Easton, MD Talbot County, MD 6. Lexington Park, MD St. Mary s County, MD 7. Ocean Pines, MD Worcester County, MD 8. Philadelphia-Wilmington MSA Burlington County, NJ; Camden County, NJ; Gloucester County, NJ; Bucks County, PA; Chester County, PA; Delaware County, PA; Montgomery County, PA; Philadelphia County, PA; New Castle County, DE; Cecil County, MD; Salem County, NJ 9. Salisbury, MD Somerset County, MD; Wicomico County, MD 1. Hagerstown-Martinsburg, MD MSA - Martinsburg, WV; Washington County, MD; Berkeley County, WV; Morgan County, WV 11. Washington, DC MSA - District of Columbia, DC; Calvert County, MD; Charles County, MD; Frederick County, MD; Montgomery County, MD; Prince George's County, MD; Arlington County, VA; Clarke County, VA; Fairfax County, VA; Fauquier County, VA; Loudoun County, VA; Prince William County, VA; Spotsylvania County, VA; Stafford County, VA; Warren County, VA; Alexandria city, VA; Fairfax city, VA; Falls Church city, VA; Fredericksburg city, VA; Manassas city, VA; Manassas Park city, VA; Jefferson County, WV The Washington, DC metropolitan division includes all of the above localities except Frederick County and Montgomery County in Maryland. Source: Office of Management and Budget, 28 Maryland Counties 19

21 Sources and Notes House Price Index Federal Housing Finance Agency/Haver Analytics Weighted repeat sales index, measuring the average price changes in repeat sales or refinancing on the same single family properties. Based on transactions involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Unemployment Rate Bureau of Labor Statistics/Haver Analytics General Housing Statistics Census Bureau Metropolitan Statistical Area Definitions Office of Management and Budget, 28 Loan Distribution and Loan Performance (1) Mortgage Bankers Association/Haver Analytics (2) McDash Analytics Mortgage Data McDash Analytics recently made a large enhancement to their mortgage performance data with the addition of several, primarily non-bank, mortgage servicers covering an additional 3. million loans. Performance numbers for the added servicers date back to January 21. Historical rates may have changed in this version of the Mortgage Performance Summaries from previous versions. 2