Jul
08
Local bankers looked to be in relatively better shape this past spring. The Big Orange Index — our proprietary compilation of three dozen economic markers for Orange County — contains a subindex loosely tracking local payment patterns on loans, bills and taxes — plus the unemployment rate.
For this spring, The Big O’s Banker Index showed its second consecutive gain. Of course, the question is: Are we seeing an early sign of recovery or just banks slow to foreclosure? because, we note, record high regional bankruptcies.
To read the full Big Orange Index report, CLICK HERE!
Here’s stats that comprise the Big Orange Banker Index and how they’re doing:
- Mortgage defaults, first step toward foreclosure, ran 24,915 in past year. That’s -10.6% vs. previous year’s rate.
- Actual foreclosures totaled 9,019 in past year. That’s -13.6% vs. previous year’s rate.
- Lenders made mortgages worth $105,804 billion on all types of Orange County real estate in past year. That’s +14.9% vs. previous year’s rate.
- Property tax collections were 96% of amounts due in past year. That’s +1.8% vs. previous year’s rate.
- Bankruptcies in Southern California totaled 119,085 in past year. That’s +57.8% vs. previous year’s rate.
- Unemployment rate ran 9.8% in past year. That’s +37.9% vs. previous year’s rate.
- Thus, the overall Big Orange Banker owner index was +1.6% vs. a year ago.
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