Mortgage Delinquency Rate Per HBCU State


From 2007 to 2009 there were 2 011 completed foreclosures per 10 000 loans. Of those 2 011 completed foreclosure, 40 percent were African Americans according to the Center for Responsible Lending. African America was second only to Latino America in terms of imminent risk of foreclosure with 21.4 percent and 21.6 percent, respectively, facing imminent foreclosure. Meanwhile, European and Asian America had 14.8 and 15.7 percent, respectively, facing imminent risk of foreclosure. Imminent risk is defined as borrowers who are two or more payments behind on their mortgage.

The Center for Responsible Lending also reports that the cost to the African American community between 2009-2012 due to foreclosures could be an estimated $194 billion. This is equivalent to an estimated 17.6 percent in value of African America’s current buying power for perspective. Below are the overall mortgage delinquency rates for each state that an HBCU is located in and not the mortgage delinquency rates for African Americans in that state.

The overall mortgage delinquency rate has risen 54.3 percent from 2008 to 2012 (pictured below). 2008 showed only 10 of the 24 HBCU states and territory being below the national mortgage delinquency rate. 2012 shows 16 of the 24 HBCU states and territory below the national mortgage delinquency rate. South Carolina and Delaware saw rises of 85 percent and 83 percent in their mortgage delinquency rate, respectively, to lead the way in increases. No states saw declines.

morthbcu2008

December 2008

morthbcu

December 2012

STATE – MORTGAGE DELINQUENCY RATE December 2012 (2008)

Arkansas – 3.4% (2.5%)

Missouri – 3.4% (2.5%)

Kentucky – 3.4% (2.6%)

Alabama – 3.7% (2.7%)

Tennessee – 3.9% (2.6%)

Oklahoma – 3.9% (2.7%)

Texas – 4.0% (3.0%)

Pennsylvania – 4.0% (2.5%)

Virginia – 4.0% (3.5%)

Washington D.C. – 4.1% (2.6%)

Ohio – 4.5% (3.5%)

North Carolina – 4.6% (2.6%)

Louisiana – 4.7% (3.0%)

Mississippi – 4.8% (3.3%)

Massachusetts – 5.1% (3.8%)

Michigan – 5.3% (4.0%)

South Carolina – 6.1% (3.3%)

Delaware – 6.4% (3.5%)

Georgia – 6.6% (4.2%)

Maryland – 7.3% (4.9%)

Illinois – 7.9% (4.5%)

New York – 9.5% (5.3%)

California – 10.2% (7.7%)

Florida – 18.9% (12.4%)

Source: Bloomberg Visual Data; Center for Responsible Lending; HBCU Endowment Foundation

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