Mortgage delinquencies in Iowa lower than in US

News

January 1st, 2013 by Ric Hanson

A representative of the Iowa Bankers Association says the latest facts and figures show Iowans, in general, are doing better than borrowers in other states. Sharon Presnall is a senior vice president for the Iowa Bankers Association. “Mortgage delinquencies have been and remain consistently lower than the rest of the nation,” she says, “and Iowa consistently has the lowest credit card debt than all of the states.” There has been “steady improvement” in Iowa banks, according to Presnall. “Total deposits in Iowa institutions increased to $57.6 billion year to date, which is an increase of $3.1 million from the third quarter of 2011,” she says.

Iowa banks have more than 42-billion dollars worth of loans on the books, a slight increase of about three billion over the third quarter last year. The Federal Deposit Insurance Corporation’s third quarter report indicates less than one-point-five percent of loans in Iowa have reached the 90-days-past-due stage. The national delinquency rate is double what it is in Iowa. Presnall is the Iowa Banking Association’s chief statehouse lobbyist. About 18-thousand Iowans are employed at the 340 banking institutions that are part of the Iowa Bankers Association.

(Radio Iowa)