Report: Districts held by GOP faring better in mortgage meltdown
Congressional districts held by Democrats are taking a harder hit from the housing crisis than those represented by Republicans.
According to a new report from Deutsche Bank, districts held by Democrats have an average serious delinquency rate of 9.9 percent. Districts held by Republicans, in contrast, have an average serious delinquency rate of 8.7 percent, the report said.
Deutsche Bank analysts gathered data on serious delinquencies, which are considered to be borrowers who are at least 90 days late on their mortgage payments. The average congressional district has a serious delinquency rate of 9.4 percent — more than two-and-a-half times the rate seen on Election Day in 2008.
The report comes as the housing market continues to struggle. More than three years after the real estate bubble burst, foreclosures continue to mount, despite billions of dollars in federal aid.