About the Foreclosure Data
The Federal Reserve Bank of New York reports statistics on various economic indicators, including credit cards loans and mortgages, in order to develop a useful data set for forming policy decisions and developing foreclosure mitigation efforts. This particular data set was discontinued by the Fed in November 2010.
- Indiana counties
- United States
April 2010 - November 2010
Variables and Definitions
Prime mortgages: Means that the mortgage has been marked grade A, indicating an interest rate typically 3 percentage points higher than the Fed Funds rate. Prime mortgages are given only to borrowers with the lowest risk of default. Note that this category is not mutually exclusive (e.g., one can have a prime mortgage that's serviced by Fannie Mae or a prime jumbo mortgage).
Fannie/Freddie mortgages: Loans which have been purchased and securitized by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). These are government sponsored enterprises (GSEs) subject to federal regulation that permits them to only purchase conforming loans (i.e., not jumbo loans).
FHA/VA mortgages: Loans issued by private lenders and insured by either the Federal Housing Administration (FHA) or the Veterans Administration (VA).
Jumbo mortgages: Loans that were larger than the conforming loan limit as established by federal regulators, currently the Federal Housing Finance Agency (FHFA). While recent legislation has considerably increased the “conforming limit,” this category includes mortgages which were over the limit at the time of their origination.
Total number of housing units: This number comes from the Census Bureau's population estimates program and is used as the denominator for the active loans per 1,000 calculation. (Note: the Federal Reserve Bank does not necessarily use the most current vintage of the Census Bureau's estimates, so it will not always match the estimates found elsewhere on STATS Indiana.)
Number of active loans: Includes loans with current, delinquent, or foreclosure status. It excludes REOs (i.e., real estate owned, meaning the lender has taken title to the property).
Active loans per 1,000 housing units: This calculation is number of active loans / total number of housing units * 1,000.
Percent in foreclosure: Percent of loans where the lender has initiated the foreclosure process but not completed it.
- Percent past due: Percent of active loans that are delinquent by a certain number of days but not yet in foreclosure.
- 30-59 days past due
- 60-89 days past due
90+ days past due
Percent flow into foreclosure this period: Loans which have entered newly into the foreclosure process in the reference month as a percent of active loans.
Percent flow out of foreclosure this period: Loans which have left the foreclosure process in the reference month as a percent of active loans. The numerator only includes loans that are still in the hands of the borrower; it excludes completed foreclosures and REOs.
Percent owner occupied: Owner-occupied properties as a percent of active loans. Whether a property is owner occupied or not is based on information reported to the lender by the borrower at the time of loan origination.
Important Data Notes
According to the Federal Reserve Bank of New York, "the underlying data do not represent the total number of mortgages in each category. We estimate that the data represent between 50-70% of the total number of mortgages in the United States; however, coverage varies by category and geography. These data have been aggregated by the Federal Reserve Bank of New York from a database of approximately 31.5 million active mortgage loans (as of November 2009). This database includes mortgages from 9 of the top 10 mortgage servicers and represents approximately 50-70% of the number of mortgages in the United States. Coverage may vary by type of mortgage and by geography. Therefore, the percentages here are likely indicative of market conditions; the number of active loans in each geographical area as well as the measures per thousand housing units do not represent the entire universe of mortgages but the counts available in the database. Data are calculated based on first-liens only for single and 2-4 family residences, condos & coops."
For the county-level data, if there are fewer than 200 loans in a category, those data are not disclosed.
Federal Reserve Bank of New York, U.S. Credit Conditions