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MORTGAGE MARKET STATISTICS SIXTH DISTRICT STATES 1949 and 1959 Research Department Federal Reserve Bank of Atlanta https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October I960 Atlanta, Georgia CONTENTS Table Page I Total Mortgage Debt Outstanding on Residential Properties Located Within District States by Type of Financial Inst itution Located Within District States 1 II Total Residential Mortgage Debt Outstanding On Properties Located Within District States by Type of Mortgage 2 Mortgage Debt Outstanding of Insured Savings and Loan Associations - Sixth District States and U. S. 3 Outstanding Real Estate Loans of All Insured Commercial Banks - Sixth District States and U. S. 4 V Non-Farm Mortgage Debt Outstanding of Insurance Companies Headquartered Within District States by Location of the Mortgaged Property 5 VI Mortgage Debt Outstanding on Non-Farm Properties Located Within District States Held by Insurance Companies* Domiciled in District States by Type of Mortgage 6 Residential Mortgage Debt Outstanding Serviced by Mortgage Companies Located Within District States by Location of Financial Institution Owning the Mortgage 7 Residential Mortgage Debt Outstanding Serviced by Mortgage Companies Located Within District States by Type of Mortgage 8 IX Percentage Distribution of the Number of Mortgage Loans Closed by Mortgage Companies Domiciled in District States Only After Having Received a Firm Commitment from Insti tutional Investors 9 X Changes in Housing Units and Population - Sixth District States 10 III IV VII VIII https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis w m u a v. 1 Table I Total Mortgage Debt Outstanding on Residential Properties Located Within District States by Type of Financial Institution Located Within District Statesi/ (Millions of Dollars) December 31 > 1959 Insured Insured Commercial Savings & Loan , Banked/ Associations-/ Amount %Dist. Amount %Dist. Alabama Florida 2 Georgia Louisiana Mississippi. Tennessee Total 4 327.8 273.2 810.2 743.6 214.5 543.4 912.7 26 58 46 44 53 35 47 113.5 9 6 223.8 184.6 10 8 136.5 12 48.9 145.4 9 852.7 • 8 Insurance . Companies—/ Amount %Dist. 180.4 121.3 70.9 32.2 36.1 331.6 772.5 15 3 4 2 9 21 7 Mortgage Companies^/ Amount #)ist. 623.0 1 298.9 715.8 770.4 106.3 535.4 4 049.8 50 33 40 46 26 35 38 Total Amount %Dist. 1 3 1 1 244.7 917.2 781.5 682.7 405.8 1 555.8 10 587.7 100 100 100 100 100 100 100 December 31j 1^4^ Insured Insured Commercial Savings & Loan Associations^/ Banks 3/ Amount $Dist. Amount %Dist. Alabama Florida Georgia Louisiana Mississippi Tennessee Total 47.5 245.9 174.8 189.5 32.9 107.9 798-5 17 46 43 45 32 24 36 59.6 54.2 90.1 45.7 23.0 66.4 339.0 21 10 22 11 22 15 15 Insurance Companies^/ Amount %Dist. 53.9 33.0 10.6 10.7 19.0 131.0 258.2 19 6 3 3 19 29 12 Mortgage Companies 5/ Amount %Dist. 125.1 205.3 128.5 172.0 28.2 141.6 8OO.7 43 38 32 41 27 32 37 Total Amount %Dist. 286.1 538.4 4o4.o 417.9 103.1 446.9 2 196.4 100 100 100 100 100 100 100 1/ The combined total mortgage holdings of savings and loan associations and insurance companies include a small amount of nonresidential debt. 2/ Data compiled by the Federal Home Loan Bank Board - Savings and Home Financing Source Book. 3/ Data compiled by the Federal Deposit Insurance Corporation - Assets> Liabilities, and Capital Accounts - Commercial and Mutual Savings Banks. 4/ Based on reports published in The Spectator Insurance Year Book of the 20 largest life in surance companies in District states and selected on the basis of asset size. These companies account for about 90 percent of all assets of life insurance companies domiciled in District states. 5/ Based on a survey of mortgage companies conducted in August i960 by the Federal Reserve Bank of Atlanta, Only the mortgages serviced for financial institutions located outside District states were included in this total. If mortgages serviced for institutions located within District states had been Included, some double-counting may have occurred since a portion of the total may have been counted in the holdings of local insurance companies. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 Table II Total Residential Mortgage Debt Outstanding On Properties Located Within District States By Type of Mortgage (Millions of Dollars) December 31 > 1959 FHA Amount %Dist. Amount Conventional Amount %Dlst. VA %Dist. Total iAmount %Dist Alabama 374.2 30 310.0 25 560.5 U5 1 244.7 100 Florida 760.0 19 713.3 18 2 444.0 63 3 917.3 100 Georgia 441.0 25 379.1 21 961.4 5 1* 1 781.5 100 Louisiana 421.8 25 411.0 24 849.9 51 1 682.7 100 Mississippi 112.2 28 79.5 20 214.1 52 405.8 100 Tennessee 468.4 30 301.7 19 785.7 51 1 555.8 100 2 577.6 24 2 194.6 21 5 815.6 55 10 587.8 100 23 800.0 U. S. (1-4 Family Properties) 18 30 000.0 23 77 200.0 59 131 000.0 100 Total 6 States For description of data see footnotes, Page 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Table III 3 Mortgage Debt Outstanding of Insured Savings and Loan Associations * Sixth District States and U.S. (Millions of Dollars) December 31f 1959 Total Conv. VA Alabama 327.8 280.7 24.0 23.1 Florida 2 273.2 2 041.6 158.1 73.5 Georgia 810.2 677.2 92.8 40.3 Louisiana 743.6 670.4 50.8 22.4 Mississippi 214.5 139.7 42.0 32.9 Tennessee 543 .U 359.0 89.3 95.1 4 912.7 4 168.6 457.0 287.3 49 970.0 40 295.0 6 798.0 2 877.0 Total 6 States U. S. FHA December 31 > 1949 . VA Total Conv. Alabama 47.5 38.8 6.2 2.4 Florida 245.9 186.5 44.5 14.8 Georgia 174.8 124.4 37.8 12.6 Louisiana 189.5 134.5 35.2 19.9 32.9 28.2 3.6 1.1 Tennessee 107.9 63.4 29.2 15.3 Total 6 States 798.5 575.8 156.5 66.1 9 037.5 6 380.0 2 064.5 593.0 Mississippi U. S. FHA.,. * Parts may not add to totals due to rounding . Data compiled by the Federal Home Loan Bank Board - Savings and Home Financing Source Book. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 Table IV Total Outstanding Real Estate Loans Of All Insured Commercial Banks Sixth District States & U.S.* (Millions of Dollars) December 31, 1959 Residential Properties Farm Land Total FHA VA Conv. Other Properties Alabama 191.7 29.5 113.5 14.7 5.2 93.6 48.7 Florida 427.0 26.3 223.8 41.7 18.2 l64.o 176.8 Georgia 305.0 46.3 184.6 15.5 4.5 164.5 74.2 Louisiana 261.1 26.0 136.5 20.5 4.6 111.4 98.6 Mississippi 117.7 34.5 48.9 4.3 1.1 43.4 34.3 Tennessee 274.8 55.3 145.4 11.8 7.4 126.3 74.1 1 577.3 217.8 852.7 108.5 41.0 703.2 506.7 28 031.4 1 570.8 20 246.7 6 112.5 3 152.8 10 981.5 6 213.8 Total 6 States* U. S. Total December 312 1949 Residential Farm Land Properties Other Properties Alabama 90.3 14.3 59.6 16.4 Florida 87.8 6.5 54.2 27.1 Georgia 135.5 19.0 90.1 26.4 Louisiana 83.7 10.3 45.7 27.7 Mississippi 47.9 13.5 23.0 11.4 Tennessee 122.7 29.5 66.4 26.8 Total 6 States* 567.9 93-1 339.0 135.8 10 892.8 678.5 8 059.7 1 954.6 U. S. * https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Parts may not add to totals due to rounding. Data compiled by the Federal Deposit Insurance Corporation - Assets, Liabilities, and Capital Accounts - Commercial and Mutual Savings Banks. 5 Table V Non-Farm Mortgage Debt Outstanding of Insurance Companies Headquartered Within District States By Location of the Mortgaged Property* (Millions of Dollars) December 31, 1959 Within Sixth District States Outside District States Total Alabama 180.4 68.3 240.7 Florida 121.3 5.0 126.3 Georgia 70.9 21.7 92.6 Louisiana 32.2 64.2 96.4 Mississippi 36.1 9.9 46.0 Tennessee 331-6 338.4 670.0 Total 772.5 507.5 1 280.0 * Based on reports published in The Spectator Insurance Year Book of the 20 largest life insurance companies in District states and selected on the basis of asset size. These companies account for about 90 percent of all assets of life insurance companies domiciled in District states. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 Table VI Mortgage Debt Outstanding Within District States Domiciled in District (Millions TOTAL on Non-Farm Properties Located Held by Insurance Companies States by Type of Mortgage* of Dollars) Dec. 1959 FHA VA CONV Dec. 1949 TOTAL Alabama 180.4 51.1 6.7 122.6 53.9 Florida 121.3 3^.3 4.5 82.5 33.0 Georgia 70.9 20.1 2.6 48.2 10.6 Louisiana 32.2 9.1 1.2 21.9 10.7 Mississippi 36.1 10.2 1.3 24.6 19.0 Tennessee 331.6 93.8 12.3 225.5 131.0 District 772.5 218.6 28.6 525.3 258.2 * Based on reports published in The Spectator Insurance Year Book of the 20 largest life insurance companies in District states. The data relating to mortgages by type were derived by applying the conventional, FHA, and VA proportions prevail ing in the nation to individual state debt totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 Table VII Residential Mortgage Debt Outstanding Serviced By Mortgage Companies Located Within District States By Location Of Financial Institution Owning the Mortgage* (Millions of Dollars) December 31, 1959 Sixth District States New York Alabama 154 289 Florida 203 Georgia All Other States Total 103 231 777 649 410 240 1 502 182 300 184 153 899 Louisiana 60 359 125 207 831 Mississippi 77 53 31 23 184 Tennessee 136 275 149 111 671 Total 892 2 005 1 002 1 045 4 944 New England * Based on data derived from a survey of mortgage bankers conducted in August i960 by the Federal Reserve Bank of Atlanta. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 Table VIII Residential Mortgage Debt Outstanding Serviced By Mortgage Companies Located Within District States By Type of Mortgage* (Millions of Dollars) December 31, 3-959 FHA VA CONV TOTAL Alabama 356 342 79 777 Florida 738 655 189 1 582 Georgia U57 348 94 899 Louisiana 4oi 381 49 831 Mississippi 113 60 11 184 Tennessee 335 244 92 671 2 398 2 029 514 4 941 Total * Based on data derived from a survey of mortgage bankers conducted in August i960 by the Federal Reserve Bank of Atlanta. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 Table IX Percentage Distribution of the Number of Mortgage Loans Closed by Mortgage Companies Domiciled in District States Only After Having Received a Firm Commit ment from Institutional Investors * Proportion of the total number of loans closed Only after institutional investors make a firm Percentage Distribution of Companies commitment to purchase _ ________________________ (Per cent)_______________________________ thejnortgage_____________Alabama Florida Georgia Louisiana Mississippi Tennessee Total 98-100 56 40 6l 52 43 23 46 90-97 22 15 18 13 - 27 18 70-89 22 17 8 4 - 11 12 50-69 - 4 5 9 29 8 6 0-49 - 24 8 22 28 31 18 Total 100 100 100 100 100 100 100 * Based on data derived from a survey of mortgage bankers conducted in August i960 by the Federal Reserve Bank of Atlanta. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 Table X 1950 Changes in Housing Units and Population (Thousands) 1950-1960 Population?/ Housing Unit si/ Net Percent Net Change i960 Change i960 Change 1950 Percent Change Alabama 844 972 128 + 15 3 062 3 246 184 + 6 Florida 952 1 858 906 + 95 2 771 4 886 2 115 + 76 Georgia 967 1 176 209 + 22 3 445 3 911 466 + 14 Louisiana 778 984 206 + 26 2 684 3 234 550 + 20 Mississippi 609 630 21 + 3 2 179 2 165 - 14 - 1 Tennessee 922 1 085 163 + 18 3 292 3 536 244 + 7 5 072 6 705 1 633 + 32 17 433 20 978 3 545 + 20 Total 1/ i960 Census of Housing: Preliminary Reports- "Housing Unit Counts for Places of 10,000 Inhabitants or More" 2/ i960 Census of Population: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Preliminary Reports- "Population Counts for States"
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