Eighth District Housing Market Conditions Continue To Improve During Third Quarter 2013


ST. LOUIS – House prices rose and mortgage delinquencies fell across all seven states that comprise the Federal Reserve's Eighth District during the third quarter of 2013, according to the St. Louis Fed’s latest Housing Market Conditions report.

The quarterly report provides a snapshot of housing market conditions in the U.S. and the Eighth District, which covers the states of Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee.

Along with the nation, house prices for all Eighth District states rose on a quarter-over-quarter basis, as well as a year-over-year basis during the third quarter of 2013. U.S. house prices were up 2.2 percent from the second quarter 2013 and up 8.8 percent from the third quarter of 2012. Among the Eighth District states, Tennessee home prices rose the highest during this period, up 2.3 percent from second quarter 2013 and up 7 percent from third quarter 2012.

Eighth District 3Q 2013 House Price Performance

State Quarter
over Quarter
over Year
U.S. + 2.2% + 8.8%
AR + 0.5% + 2.6%
IL + 1.5% + 6.2%
IN + 1.7% + 4.9%
KY + 1.2% + 0.7%
MO + 1.6% + 4.9%
MS + 0.9% + 3.0%
TN + 2.3% + 7.0%


Meanwhile, seriously delinquent mortgages (delinquent 90 days or more, or in foreclosure) across all Eighth District states fell for the second quarter in a row, with delinquencies in Arkansas, Kentucky, Missouri and Tennessee falling below the national average of 5.4 percent.

Levels remained above the national average in Illinois, Indiana, and Mississippi. At 7.22 percent, Mississippi had the highest level of seriously delinquent mortgages in the Eighth District, while Missouri had the lowest, at 3.63%.

Eighth District 3Q 2013 Seriously Delinquent Mortgages

State Percent Seriously
Change in
basis points (bps)
U.S. 5.42% - 43 bps
AR 5.21% - 27 bps
IL 6.92% - 67 bps
IN 5.57% - 34 bps
KY 4.49% - 24 bps
MO 3.63% - 12 bps
MS 7.22% - 23 bps
TN 4.85% - 12 bps


House Prices Remain Above 2011 Lows, Below 2007 Peaks

While house prices continued to climb during the third quarter of 2013 from lows reached in 2011, they remained below their 2007 peaks.

From their respective 2011 lows, prices were up 13 percent nationally, with Arkansas house prices up 10 percent, the highest in the Eighth District.  Meanwhile, prices in Illinois were up 6.2 percent; Indiana, 8.6 percent; Kentucky, 3.7 percent; Mississippi, 4.8 percent; Missouri, 6.6 percent and Tennessee, 8.6 percent.

However, prices still remained below 2007 peaks, with national prices down 15.8 percent.  In comparison, prices were down 5.3 percent in Arkansas, 27.2 percent in Illinois, 3.7 percent in Indiana, 4.8 percent in Kentucky, 12.1 percent in Mississippi, 14.1 percent in Missouri and 9.6 percent in Tennessee.

* Please note: While the Eighth District is comprised of the entire state of Arkansas and only parts of Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee, analysis is conducted on a statewide basis for each state's respective report.

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