Figure 1: Average Per , UT $25,000 4-quarter moving average

$20,000 Total Consumer Debt (excluding first mortgage) $15,000 3rd Quarter, 2011 Overall consumer debt in Utah continued to $10,000 decline in the third quarter of 2011, Revolving Debt consistent with national trends (Fig.1). The $5,000 average debt per consumer (excluding first mortgages) in Utah was close to $16,700 for $0 Q3, which was lower than the national 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 average of roughly $17,200. Average Source: of New York Consumer Panel/Equifax revolving debt per consumer in Utah, which includes balances related to bank cards, Figure 2: Average Outstanding Balances, UT and U.S. 3Q2011 UT U.S. revolving home equity, and , was $16,000 roughly $7,500 for Q3, which was lower $14,000 than the national figure of about $7,800. Total consumer debt and revolving debt $12,000 have fallen since their peaks in 2009, but $10,000 debt levels remain above those from the $8,000 earlier part of the decade. $6,000

For the third quarter, the average $4,000 outstanding balances for student and auto debt for Utah were roughly $2,000 $7,200 and $12,700, respectively (Fig. 2). $0 Average bank card debt for Utah consumers Student Debt Auto Debt Bank Card Debt was roughly $1,800, which was slightly Note: Based on oustanding ; bank card averages include accounts with zero balances Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax lower than the U.S. average of $2,000.

Figure 3: Average Consumer Delinquency Rates, UT and U.S. 3Q2011 Average delinquency rates (loans that are at least 30 days past due) varied across trade At least 30 days past due UT U.S. 12.0% lines, as shown in Fig. 3. About six percent of outstanding student loans in Utah were 10.0% delinquent in Q3, which was lower than the national average of just over 11 percent for 8.0% the U.S. as a whole. Approximately 2.8 6.0% percent of auto loans and 1.5 percent of bank card loans were past due in Utah, 4.0% compared to the national rates of 3.8 percent and 1.9 percent, respectively. 2.0%

0.0% Student Delinquency Auto Loan Delinquency Bank Card Delinquency Note: Bank card averages include accounts with zero balances Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax Figure 4: Mortgage Delinquencies in the 12th District

Past Due Seriously Delinquent 18% 16%

14%

12%

10%

8%

6%

4%

2%

0% AK AZ CA HI ID NV OR UT WA U.S. Source: LPS(Lender Processing Services Inc.) Applied Analytics Note: Share of outstanding mortgages. Past due mortgages are 30 or more days delinquent, including those inforeclosure. Serious delinquencies are 90 days or more past due or in some stage of forclosure.

As shown in Fig. 4, 8.4 percent of outstanding mortgages in Utah were past due (30 days or more delinquent) and 4.7 percent were seriously delinquent (more than 90 days past due). Nationally, these figures were 11.1 percent and 6.9 percent, respectively. For the 12th District as a whole, 9.8 percent of mortgages were past due, and 6.6 percent were seriously delinquent.

Within Utah, Iron, Beaver, and Tooele Counties had the highest rates of seriously delinquent loans at 6.6 percent, 6.5 percent, and 6.1 percent, respectively (Fig. 5). Serious delinquencies represent mortgages that are 90 days or more past due or in the process. Source: LPS (Lender Processing Services Inc.) Applied Analytics

Consumer Credit Conditions state reports are published by the Community Development department of the Federal Reserve Bank of San Francisco to provide an overview of current consumer credit data in the 12th District. For more information, contact Laura Choi at [email protected].