F.D.I.C. Warns That State Has High Rate Of Interest–only Mortgages

Denver (AP) Troubling economy news for Colorado. New federal figures show that job growth in the state has slowed considerably since last year and the state has a high ranking when it comes to interest–only mortgages.

A new report by the Federal Deposit Insurance Corporation shows that nearly 40 percent of all mortgages signed in Colorado through the first six months of the year were interest–only or of related products. The national average is about 24 percent. Only the District of Columbia has a higher ranking than Colorado.

On the jobs front, the F.D.I.C. says Colorado's employment growth rate slowed in April, May and June after rebounding at the end of last year.

The overall growth rate in the second quarter was 2.1%, down from 2.6% in the previous three months.

Copyright 2005 by the Associated Press. All rights reserved.
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