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Speeches & Testimony

Tables and Charts Accompanying the Testimony of Richard A. Brown
Federal Deposit Insurance Corporation
September 13, 2006

In order of reference

Table 1: Annual Rates of Growth in Housing-Related Assets
Held by FDIC-Insured Institutions, 2002 - June 2006
Asset Category 2002 2003 2004 2005 June 20061
      Mortgage-Backed Securities 12.6% 7.6% 13.4% 2.3% 6.3%
      1- to 4-Family Mortgages 9.6% 6.5% 14.0% 11.2% 10.5%
      Home Equity Lines of Credit 39.1% 34.9% 41.8% 8.9% 4.1%
      Loans Secured by Multifamily Properties 9.6% 12.3% 11.4% 11.3% 6.5%
      Construction and Development (C&D) Loans
      -includes both residential and nonresidential properties
5.8% 11.2% 24.0% 33.2% 31.8%
Other Loan Categories:
      Commercial and Industrial (C&I) Loans -6.6% -3.3% 5.1% 12.2% 11.8%
      Loans Secured by Commercial Real Estate (CRE)
      Properties Consumer Loans
10.2% 8.7% 10.3% 9.8% 9.7%
Total 7.2% 7.6% 11.4% 7.6% 10%
Source: FDIC.
1 Growth rate for June 2006 reflects percent change from a year ago.

Chart 1: Earnings of FDIC-Insured Mortgage Lenders Have Been Steady, if Unspectacular, in Recent Yearsd

Chart 2: Loan Losses of FDIC-Insured Mortgage Lenders Have Generally Remained Well Below Industry Averagesd

Chart 3: Noncurrent Rates for Home Mortgage Loans Have Stayed Far Below Rates for Other Real Estate Loans in Times of Distressd

Chart 4: Chargeoff Rates for Home Mortgage Loans Have Stayed Below Rates for Other Real Estate Loans in Times of Distressd

Table 2: Metro-Area Housing Booms and Busts, 1978-1998, as Identified in FDIC Studies
Metropolitan Area Boom Years Bust Years Bust Follows Boom?
California
Los Angeles-Long Beach-Glendale Metro Div, CA 1978-79    
Los Angeles-Long Beach-Glendale Metro Div, CA 1988-90 1994-98 Y
Modesto, CA 1990    
Napa, CA 1990    
Oxnard-Thousand Oaks-Ventura, CA 1979    
Oxnard-Thousand Oaks-Ventura, CA 1988-90 1994-97 Y
Riverside-San Bernadino-Ontario, CA 1979    
Riverside-San Bernadino-Ontario, CA   1994-98  
Sacramento-Arden-Arcade-Roseville, CA 1979    
Sacramento-Arden-Arcade-Roseville, CA 1990    
San Diego-Carlsbad-San Marcos, CA 1979    
San Diego-Carlsbad-San Marcos, CA 1989    
San Francisco-San Mateo-Redwd Cty Metro Div, CA 1978-79    
San Francisco-San Mateo-Redwd Cty Metro Div, CA 1988-90    
San Jose-Sunnyvale-Santa Clara, CA 1978-79    
San Jose-Sunnyvale-Santa Clara, CA 1989-90    
San Luis Obispo-Paso Robles, CA 1989-90 1994-97 Y
Santa Barbara-Santa Maria-Goleta, CA 1989    
Santa Cruz-Watsonville, CA 1988-90    
Santa Rosa-Petaluma, CA 1989-90    
Other Western
Bellingham, WA 1990-92    
Bend, OR 1990-91    
Boulder, CO 1994    
Corvallis, OR 1994-95    
Denver-Aurora, CO 1979    
Missoula, MT 1994    
Mount Vernon-Anacortes, WA 1990-91    
Ogden-Clearfield, UT 1995-96    
Provo-Orem, UT 1995-96    
Salt Lake City, UT 1994-96    
Seattle-Bellevue-Everett Metro Division, WA 1978-79    
Seattle-Bellevue-Everett Metro Division, WA 1990-91    
Oil Patch
Anchorage, AK   1986-91  
Austin-Round Rock, TX   1989-92  
Casper, WY   1988-90  
Grand Junction, CO   1985-88  
Houston-Baytown-Sugar Land, TX   1986-90  
Lafayette, LA   1986-91  
Midland, TX   1987-92  
Odessa, TX   1989-91  
Oklahoma City, OK   1987-91  
San Antonio, TX   1988-92  
New England
Barnstable Town, MA 1987-88 1992-95 Y
Boston-Cambridge-Quincy Metro Division, MA 1985-88    
Bridgeport-Stamford-Norwalk, CT 1985-88    
Burlington-South Burlington, VT 1986-88    
Hartford-West Hartford-East Hartford, CT 1986-88 1993-98 Y
Manchester-Nashua, NH 1986-88 1991-96 Y
New Haven-Milford, CT 1986-88 1992-97 Y
Norwich-New London, CT 1988 1993-96 Y
Portland-South Portland-Biddeford, ME 1986-88    
Providence-New Bedford-Fall River-Warwick, RI 1985-89    
Springfield, MA 1986-88    
Worcester, MA-CT 1985-88    
Other Northeast
Albany-Schenectady-Troy, NY 1986-88    
Allentown-Bethlehem-Easton, PA-NJ 1987-89    
New York-Northern NJ-Long Island, NY-NJ 1985-88    
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 1987-88    
Poughkeepsie-Newburgh-Middletown, NY 1986-88    
Scranton-Wilkes-Barre-Hazelton, PA 1988    
Trenton-Ewing, NJ 1986-88    
Washington-Arlington-Alexandria Metro Div, DC 1988-89    
Other Regions
Honolulu, HI 1980    
Honolulu, HI 1989-91 1996-2001 Y
Niles-Benton Harbor, MI 1985    
Peoria, IL   1984-88  
Source: Adapted from: Cynthia Angell and Norman Williams, "U.S. Home Prices: Does Bust Always Follow Boom?"
Federal Deposit Insurance Corporation, FYI, February 10, 2005.

Chart 5.  The number of U.S. "boom" housing markets nearly tripled to 89 between 2002 and 2005.d

Table 3: Metro-Area Housing Booms, 2001-05, as Identified in FDIC Studies
Cells populated with numbers indicate metro areas that meet criteria for home price "boom."
Cell entries reflect 3-year cumulative increase in house price index (HPI), adjusted for inflation.
Metro Area 2001 2002 2003 2004 2005
California
Bakersfield, CA       48 73
Chico, CA     41 50 54
El Centro, CA         54
Fresno, CA     38 59 71
Hanford-Corcoran, CA       39 63
Los Angeles-Long Beach-Glendale Metro Div, CA     35 54 63
Madera, CA     35 57 71
Merced, CA   38 40 43 64
Modesto, CA   38 44 44 60
Napa, CA 44 46 39 41 45
Oakland-Fremont-Hayward Metro Division, CA 44 42     40
Oxnard-Thousand Oaks-Ventura, CA   30 35 54 58
Redding, CA     39 52 58
Riverside-San Bernadino-Ontario, CA     36 58 70
Sacramento-Arden-Arcade-Roseville, CA   37 40 47 55
Salinas, CA 49 46 33 38 58
San Diego-Carlsbad-San Marcos, CA 32 39 41 56 54
San Francisco-San Mateo-Redwd Cty Metro Div, CA 44 34      
San Jose-Sunnyvale-Santa Clara, CA 46 33      
San Luis Obispo-Paso Robles, CA 38 46 42 44 46
Santa Ana-Anaheim-Irvine Metro Division, CA   30 36 54 59
Santa Barbara-Santa Maria, CA 34 41 45 54 57
Santa Cruz-Watsonville, CA 48 39     30
Santa Rosa-Petaluma, CA 48 42     39
Stockton, CA 36 38 36 35 56
Vallejo-Fairfield, CA 40 45 39 41 50
Visalia-Porterville, CA       36 64
Yuba City, CA     43 56 68
Other Western
Bellingham, WA         42
Bend, OR         30
Boulder, CO 31        
Bremerton-Silverdale, WA         31
Carson City, NV       44 60
Coeur d'Alene, ID         41
Flagstaff, AZ-UT         41
Honolulu, HI       35 51
Las Vegas-Paradise, NV       44 61
Medford, OR       32 50
Olympia, WA          
Phoenix-Mesa-Scottdale, AZ         43
Prescott, AZ         41
Reno-Sparks, NV       41 61
St. George, UT         34
Tucson, AZ         36
Yuma, AZ         46
New England
Barnstable Town, MA 42 48 43 44 34
Boston-Quincy Metro Division, MA 35 38 34 32  
Cambridge-Newton-Framingham Metro Division, MA 34 34      
Essex County Metro Division, MA 33 36 30    
Manchester-Nashua, NH   35 32    
Norwich-New London, CT       31 31
Portland-South Portland-Biddeford, ME       30  
Providence-New Bedford-Fall River-Warwick, RI   34 39 46 39
Rockingham County-Strafford County Metro Div, NH 31 35 30    
Worcester, MA-CT   34 33 31  
Northeast and Middle Atlantic
Albany-Schenectady-Troy, NY         35
Atlantic City, NJ       40 48
Baltimore-Towson, MD       36 45
Bethesda-Frederick-Gaithersburg Metro Div, MD     32 41 46
Camden Metro Division, NJ       33 37
Charlottesville, VA         34
Dover, DE         30
Edison Metro Division, NJ   31 34 39 38
Glens Falls, NY         33
Hagerstown-Martinsburg, MD-WV       30 45
Kingston, NY     33 42 40
Nassau-Suffolk Metro Division, NY 31 37 37 41 38
New York-Wayne-White Plains Metro Division, NY   30   34 35
Newark-Union Metro Division, NJ       32 32
Ocean City, NJ   37 37 46 49
Philadelphia Metro Division, PA       30 32
Poughkeepsie-Newburgh-Middletown, NY     35 41 38
Salisbury, MD         37
Trenton-Ewing, NJ       33 34
Vineland-Millville-Bridgeton, NJ         34
Virginia Beach-Norfolk-Newport News, VA-NC       31 47
Washington-Arlington-Alexandria Metro Div, DC     31 40 51
Wilmington Metro Division, DE         32
Winchester, VA-WV       36 51
Florida
Cape Coral-Fort Myers, FL     31 38 57
Deltona-Daytona Beach-Ormond Beach, FL       35 53
Fort Laudrdle-Pompano Bch-Deerfld Bch, FL MetDiv   30 38 46 59
Fort Walton Beach-Crestview-Destin, FL       33 63
Gainesville, FL         34
Jacksonville, FL         32
Lakeland, FL         35
Miami-Miami Beach-Kendall Metro Division, FL     37 45 55
Naples-Marco Island, FL   32 31 36 59
Ocala, FL         38
Orlando-Kissimmee, FL         42
Palm Bay-Melbourne-Titusville, FL       44 66
Panama City-Lynn Haven, FL       31 55
Pensacola-Ferry Pass-Brent, FL         38
Port St. Lucie-Fort Pierce, FL     37 54 69
Punta Gorda, FL     31 43 59
Sarasota-Bradenton-Venice, FL       37 56
Tallahassee, FL         31
Tampa-St Petersburg-Clearwater, FL         41
Vero Beach, FL       38 59
W Palm Beach-Boca Raton-Boynton Bch Mtro Div, FL     33 48 63
Source: Adapted from: Cynthia Angell and Norman Williams, "FYI Revisited: U.S. Home Prices -- Does Bust Always Follow Boom?"
Federal Deposit Insurance Corporation, FYI, May 2, 2005. Update for 2005 reflects both new data and revised metro area definitions.

Chart 6: Recent U.S. Home Price Increases Have Outpaced Income Gains by a Wide Margind

 

Last Updated 9/15/2006 communications@fdic.gov

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