Nebraska Economic Update and Housing Outlook NIFA’s Housing Innovation Marketplace Omaha, NE – January 27, 2010 January 27, 20101K. Edmiston, FRB KC
The Housing Market January 27, 2010K. Edmiston, FRB KC2
Existing Home Sales (Index Q = 100) January 27, 2010K. Edmiston, FRB KC3 Omaha (annual change %)
Months Supply of Existing Homes January 27, 2010K. Edmiston, FRB KC4 Source: Area Residential Realtors Associations
Existing Home Prices (Index Q = 100) January 27, 2010K. Edmiston, FRB KC5
Value of Residential Construction Contracts (January 2005 = 100) January 27, 2010K. Edmiston, FRB KC6
Delinquencies and Foreclosures January 27, 2010K. Edmiston, FRB KC7
Data Source: Lender Processing Services, Inc. Applied Analytics
Omaha Area Foreclosure Rates 2009 Data Source: RealtyTrac
Future Direction January 14, 2010K. Edmiston, FRB KC10 Delinquencies remain high, and are on the rise Modification efforts likely delaying more than preventing foreclosures
Status of Mortgage Pool in Nebraska and U.S. Status of Mortgage PoolNebraskaUSA Delinquent 30 days Delinquent 60 days Delinquent 90 days TOTAL PAST DUE Foreclosures Started In Foreclosure Process SERIOUSLY DELINQUENT Source: Mortgage Bankers Association January 14, K. Edmiston, FRB KC
Future Direction January 14, 2010K. Edmiston, FRB KC12 Delinquencies remain high, and are on the rise Modification efforts likely delaying more than preventing foreclosures Subprime mortgage resets were generally modest in light of low mortgage rates, and resets are about over But remaining subprime mortgage holders often are in trouble
Subprime Mortgages in Nebraska and U.S 3 rd Qtr rd Qtr Share of Mortgages Nebraska USA Past Due (%) Nebraska USA Foreclosure Rate (%) Nebraska USA Source: Mortgage Bankers Association January 14, K. Edmiston, FRB KC
Future Direction January 14, 2010K. Edmiston, FRB KC14 Delinquencies remain high, and are on the rise Modification efforts likely delaying more than preventing foreclosures Subprime mortgage resets were generally modest in light of low mortgage rates, and resets are about over But remaining subprime mortgage holders often are in trouble New wave of resets is coming
Mortgage Resets 15 Source: American Loan Performance, UBS January 14, 2010K. Edmiston, FRB KC
Future Direction January 14, 2010K. Edmiston, FRB KC16 Delinquencies remain high, and are on the rise Modification efforts likely delaying more than preventing foreclosures Subprime mortgage resets were generally modest in light of low mortgage rates, and resets are about over But remaining subprime mortgage holders often are in trouble New wave of resets is coming Much will depend on the economy and housing markets (up ahead!)
The Economic Situation January 27, 2010K. Edmiston, FRB KC17
Gross Domestic Product (percent change from previous quarter – annual rate) January 27, 2010K. Edmiston, FRB KC18 Source: U.S. Bureau of Economic Analysis
U.S. Retail Sales ($millions) January 27, 2010K. Edmiston, FRB KC19 Source: U.S. Census Bureau
Industry Employment (Percent change from one year ago) January 27, 2010K. Edmiston, FRB KC20 Source: U.S. Bureau of Labor Statistics
Unemployment Rates January 27, 2010K. Edmiston, FRB KC21 Source: U.S. Bureau of Labor Statistics
Nebraska Initial Claims for Unemployment Insurance (Percent change from one year ago) January 27, 2010K. Edmiston, FRB KC22 Source: U.S. Department of Labor
Kelly D. Edmiston 1 Memorial Drive Kansas City, MO (816) Voice (816) Fax January 27,