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.

The majority of public opinion polls have found that the economy is the No. 1 issue for voters heading into the midterm elections. The ongoing housing woes underscore the uneven path the economy is on as it begins to recover from the worst recession since the 1930s.

Republicans and Democrats represent a roughly equal number of seats that have either very high or very low mortgage delinquency rates. But Democrats represent more seats with elevated rates of delinquencies.

Below are the 50 seats with the highest and lowest delinquency rates, according to Deutsche Bank:


Seats with highest percent of loans seriously delinquent (90 days or longer):

1. Rep. Mario Diaz-Balart (R-Fla) - 33.6 percent
2. Rep. Kendrick Meek (D-Fla.) - 33.4
3. Rep. Ilean Ros-Lehtinen (R-Fla.) - 29.6
4. Rep. Lincoln Diaz-Balart (R-Fla.) - 28.6
5. Rep. Alcee Hastings (D-Fla.) - 27.8
6. Rep. Debbie Wasserman Schultz (D-Fla.) - 27.4
7. Rep. Shelley Berkley (D-Nev.) - 27.2
8. Rep. Dina Titus (D-Nev.) - 26
9. Rep. Ted Deutch (D-Fla.) - 25.1
10. Rep. Alan Grayson (D-Fla.) - 24.5
11. Rep. Ron Klein (D-Fla.) - 23.7
12. Rep. Bill Posey (R-Fla.) - 23.4
13. Rep. Dennis Cardoza (D-Calif.) - 23.4
14. Rep. Connie Mack (R-Fla.) - 23.1
15. Rep. Joe Baca (D-Calif.) - 23.1
16. Rep. Edward Pastor (D-Ariz.) - 22.6
17. Rep. Thomas Rooney (R-Fla.) - 22.4
18. Rep. Donald Payne (D-N.J.) - 21.1
19. Rep. Jerry Lewis (R-Calif.) - 21.1
20. Rep. Lucille Roybal-Allard (D-Calif.) - 20.8
21. Rep. Mary Bono Mack (R-Calif.) - 20.7
22. Rep. Vern Buchanan (R-Fla.) - 20.4
23. Rep. Bob Filner (D-Calif.) - 20.1
24. Rep. Suzanne Kosmas (D-Fla.) - 19.8
25. Rep. Kathy Castor (D-Fla.) - 19.7

Seats with lowest percent of seriously delinquent loans:

411. Rep. Chet Edwards (D-Texas) - 3.8
412. Rep. Ron Paul (R-Texas) - 3.7
413. Rep. Vic Snyder (D-Ark.) - 3.7
414. Rep. David Price (D-N.C.) - 3.7
415. Rep. Louis Gohmert (R-Texas) - 3.6
416. Rep. Samuel Johnson (R-Texas) - 3.5
417. Rep. Rick Boucher (D-Va.) - 3.5
418. Rep. Todd Akin (R-Mo.) - 3.5
419. Rep. David Loebsack (D-Iowa) - 3.4
420. Rep. Kevin Brady (R-Texas) - 3.4
421. Rep. John Carter (R-Texas) - 3.2
422. Rep. Pete Sessions (R-Texas) - 3.1
423. Rep. Lloyd Doggett (D-Texas) - 3.1
424. Rep. Lamar Smith (R-Texas) - 3.0
425. Rep. Charles Rangel (D-N.Y.) - 2.9
426. Rep. Adrian Smith (R-Neb.) - 2.9
427. Rep. Mike Conaway (R-Texas) - 2.9
428. Rep. Carolyn Maloney (D-N.Y.) - 2.8
429. Rep. John Culberson (R-Texas) - 2.8
430. Rep. Donald Young (R-Alaska) - 2.8
431. Rep. Lee Terry (R-Neb.) - 2.8
432. Rep. Stephanie Herseth Sandlin (D-S.D.) - 2.6
433. Rep. Jeff Fortenberry (R-Neb.) - 2.6
434. Rep. Randy Neugebauer (R-Texas) - 2.5
435. Rep. Earl Pomeroy (D-N.D.) - 1.7

More in Finance

Barney Frank changes tune on rule at center of funding fight

Read more »