Mapping New England Changes in Home Purchase Mortgage Originations, by County

Mapping New England
Changes in Home Purchase Mortgage Originations,
by County
Amy Higgins
FEDERAL RESERVE BANK OF BOSTON
Between 2013 and 2014, New England’s percentage of home purchase loan originations
slightly declined. However, at state and county levels, the picture is more mixed, with both
increases and decreases. The largest declines were experienced by three Vermont counties: Bennington, Windham, and Windsor. The largest increase in New England was seen
in Somerset County, Maine, where home loan originations increased almost 23 percent.
Looking at New England as a whole, in general blacks and Latinos are more likely to be denied
home purchase loans than whites are. Though we do not have data on individual debt-to-income
ratios or credit scores, we do know annual income for individuals in these groups. Interestingly,
the largest disparities are found among applicants who earn $91,000 to $120,000. In this income
bracket, blacks and Latinos are at least twice as likely to be denied loans as their white peers.
New England: Home Loan Denial Rates for Blacks and Latinos Relative to Whites
Denial rates for blacks or Latinos divided by the denial rate for whites
2.5
blacks
Latinos
2.0
1.5
1.0
0.5
0.0
1–30
31–50
51–70
71–90
91–120
Incomes in thousands of dollars
Source: 2014 Home Mortgage Disclosure Act (HMDA) data.
18
spring 2016
121–150
over 150
Percent change between
2013 and 2014 in home
purchase originations
< 10%
-10%–0%
No Change
0%–10%
10%–20%
> 20%
Safety for their children is a major reason people accept housing vouchers
that allow them to move.
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