Mixed news on credit in Valley

Mixed news on credit in Valley

YOUNGSTOWN

Mahoning Valley credit scores are up 0.3 percent this year.

That’s the good news.

The bad news is that the Youngstown metropolitan area’s debt load also increased.

The average credit score in the Valley is 751, which ranks it 65th among 143 metro areas, according to the credit agency Experian Information Solutions. That’s 0.3 percent higher than it was in 2010 and two points higher than the national average of 749.

The debt load, meanwhile, climbed 1.4 percent to $23,493. The average U.S. debt fell 1 percent to $25,542.

The average number of credit cards per person is 1.82 in the Valley, down 0.6 percent compared with last year.

The analysis showed that eight of the top 10 cities with the highest credit scores are in the Midwest.

Housing starts up in 2 Valley counties

YOUNGSTOWN

Housing starts in Mahoning County doubled during the third quarter, and Trumbull County also reported strong numbers, said Dave Smith, president of the Home Builders Association.

Builders during the third quarter pulled 46 housing permits valued at nearly $12 million. Last year, those figures were 22 and $6 million, respectively.

So far this year, there have been 87 houses built in Mahoning County at a value of $19 million, up from 68 homes during the same period in 2010 at a value of $13 million.

Springfield, Poland, Canfield, Beaver and Austintown townships are seeing the most new-construction activity.

In Trumbull County, there were 38 permits valued at $7 million thus far this year, compared with 2010, when there were 31 permits pulled at a value of $5.25 million.

Huntington sees growth from 2010

COLUMBUS

Huntington Bancshares Inc. reported a net income of $143.4 million and an earnings per share of 16 cents during the third quarter, up from $100.9 million and 10 cents during 2010’s third quarter.

Through the first nine months of 2011, Huntington reported a net income of $415.8 million, or 45 cents per share, up from $189.4 million, or 14 cents per share, through the first nine months of 2010.

Huntington posted an 8 percent growth in total loans and 28 percent growth in average demand deposits.

Frank Hierro, president of Huntington’s Mahoning Valley region, said loans and checking accounts, in conjunction with Asterisk-Free Checking and Huntington Plus Checking features, which are fee-free and allow 24-hour grace periods, accounted for the bank’s successful quarter.

Consumer checking-account households grew at a 10.8 percent annualized rate, up from 6.8 percent last year.

“We went down the road of a fair-play banking philosophy more than six months ago, and we are growing at a rate much faster than expected,” Hierro said.

Vindicator staff reports