The economic downturn in 2008-2009 resulted in the loss of jobs and an increase in delinquent loans
Question:
The economic downturn in 2008-2009 resulted in the loss of jobs and an increase in delinquent loans for housing. In projecting where the real estate market was headed in the coming year, economists studied the relationship between the jobless rate and the percentage of delinquent loans. The expectation was that if the jobless rate continued to increase, there would also be an increase in the percentage of delinquent loans. The following data show the jobless rate and the delinquent loan percentage for 27 major real estate markets.
a. Compute the correlation coefficient. Is there a positive correlation between the jobless rate and the percentage of delinquent housing loans? What is your interpretation? b. Show a scatter diagram of the relationship between the jobless rate and the percentage of delinquent housing loans.
Transcribed Image Text:
Jobless Delinquent Jobless Rate (%) Metro Area Atlanta Boston Charlotte Chicago Dallas Denver Detroit Houston Jacksonville Las Vegas Los Angeles Miami Minneapolis Nashville Delinquent Loans (%) 7.02 5.31 5.38 5.40 5.00 4.07 6.53 5.57 6.99 11.12 7.56 12.11 4.39 4.78 Metro Area New York Orange County Orlando Philadelphia Phoentx Portland Raleigh 5.2 7.8 7.8 5.8 5.8 9.3 5.7 7.3 7.6 Rate (%) 6.2 6.3 7.0 6.2 5.5 6.5 6.U Loans (96) 5.78 6.08 10.05 4.75 7.22 3.79 3.62 9.24 4.40 6.91 5.57 3.8/ 8.42 St. Louis San Diego San Francisco Seattle Tampa 7.5 6.8 5.5 7.5 6.3 6.6
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a Without Excel we can use the calculations below to find the correlation coefficient 71 702 02852 0...View the full answer
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