| Subprime Loan Characteristics, January 2009 | |||||||||||||||||||||||||||||
| Source: | www.newyorkfed.org/regional/subprime.html | ||||||||||||||||||||||||||||
| Owner-Occupied | |||||||||||||||||||||||||||||
| Adjustable Rate Mortgages (ARMs) | |||||||||||||||||||||||||||||
| Property State | Total housing units (2007 Census Estamates) | Number of subprime loans | % non-owner occupied | % owner occupied | Loans per 1000 Housing Units | Average current interest rate | Average balance | Average loan age in months | Average FICO score | % with FICO <600 | % with FICO >660 | % with at >1 late payment in the last 12 months | % current | % with 30-59 day past due | % with 60-89 day past due | % with 90+ day past due | % in foreclosure | Foreclosures per 1000 housing units | % in REO | % with no or low documentation | % ARM loans | average initial interest rate | Average current interest rate | # with low LTV and FICO >= 620 | # with high LTV and FICO <620 | # already reset | % to reset in next 12 months | % to reset in 12-23 months | % to reset in 24+ months |
| AK | 282,234 | 2,792 | 10.5% | 89.5% | 8.9 | 8.46 | $198,121 | 36 | 614 | 38.9% | 20.3% | 53.0% | 66.4% | 10.7% | 5.5% | 8.0% | 5.8% | 0.5 | 3.6% | 28.3% | 74.2% | 8.15 | 8.66 | 275 | 329 | 1,274 | 23.5% | 4.3% | 3.5% |
| AL | 2,137,018 | 32,144 | 8.9% | 91.1% | 13.7 | 9.01 | $98,457 | 47 | 602 | 51.0% | 12.7% | 61.6% | 54.6% | 13.4% | 7.1% | 16.4% | 4.3% | 0.6 | 4.1% | 20.7% | 52.1% | 8.79 | 9.36 | 1,347 | 4,293 | 12,239 | 15.5% | 2.5% | 1.8% |
| AR | 1,287,429 | 16,119 | 8.7% | 91.3% | 11.4 | 9.14 | $89,814 | 50 | 606 | 47.5% | 14.8% | 55.7% | 60.9% | 12.6% | 6.4% | 12.7% | 4.4% | 0.5 | 3.0% | 20.7% | 50.4% | 8.83 | 9.40 | 769 | 1,808 | 6,071 | 14.9% | 2.0% | 1.3% |
| AZ | 2,667,502 | 65,555 | 8.1% | 91.9% | 22.6 | 8.20 | $173,607 | 34 | 622 | 34.1% | 23.4% | 67.5% | 43.8% | 10.7% | 7.0% | 13.9% | 12.7% | 2.9 | 11.9% | 35.8% | 72.7% | 7.89 | 8.51 | 9,878 | 4,376 | 33,371 | 18.5% | 2.8% | 2.5% |
| CA | 13,308,346 | 391,959 | 6.3% | 93.7% | 27.6 | 7.55 | $323,117 | 37 | 640 | 25.1% | 35.1% | 65.6% | 44.8% | 8.5% | 6.0% | 14.9% | 12.6% | 3.5 | 13.3% | 44.6% | 68.3% | 7.28 | 7.98 | 65,122 | 18,517 | 190,727 | 15.8% | 3.5% | 4.7% |
| CO | 2,127,156 | 40,579 | 7.4% | 92.6% | 17.7 | 7.97 | $173,681 | 42 | 627 | 30.1% | 24.9% | 54.7% | 61.0% | 10.5% | 5.8% | 10.1% | 7.7% | 1.4 | 4.9% | 26.2% | 68.3% | 7.48 | 8.28 | 4,242 | 5,302 | 20,581 | 13.8% | 2.9% | 3.0% |
| CT | 1,438,436 | 37,587 | 8.3% | 91.7% | 24.0 | 8.10 | $209,853 | 39 | 617 | 39.2% | 21.9% | 61.2% | 53.2% | 11.9% | 6.8% | 11.5% | 11.9% | 2.9 | 4.8% | 34.2% | 63.3% | 8.04 | 8.57 | 3,787 | 2,810 | 16,747 | 17.4% | 3.2% | 2.6% |
| DC | 284,221 | 4,314 | 17.4% | 82.6% | 12.5 | 8.15 | $275,612 | 39 | 616 | 40.6% | 20.4% | 66.0% | 48.5% | 10.3% | 6.3% | 14.8% | 10.1% | 1.3 | 10.0% | 38.0% | 67.9% | 7.78 | 8.32 | 494 | 224 | 1,732 | 18.1% | 4.6% | 5.6% |
| DE | 388,616 | 8,093 | 8.6% | 91.4% | 19.0 | 8.23 | $169,496 | 40 | 608 | 45.1% | 17.4% | 62.0% | 53.1% | 12.3% | 7.0% | 12.8% | 12.3% | 2.3 | 2.4% | 22.9% | 58.6% | 8.11 | 8.61 | 539 | 741 | 3,272 | 19.0% | 3.1% | 2.4% |
| FL | 8,718,385 | 286,803 | 11.3% | 88.7% | 29.2 | 8.27 | $177,396 | 36 | 617 | 38.1% | 21.0% | 69.8% | 41.2% | 9.5% | 6.0% | 11.7% | 25.7% | 7.5 | 5.9% | 41.4% | 64.6% | 8.06 | 8.64 | 29,169 | 20,347 | 124,425 | 18.0% | 3.4% | 2.8% |
| GA | 3,961,474 | 79,907 | 11.7% | 88.3% | 17.8 | 8.67 | $132,575 | 45 | 609 | 43.6% | 14.7% | 67.2% | 49.0% | 13.4% | 7.7% | 16.8% | 6.5% | 1.2 | 6.5% | 25.7% | 62.8% | 8.30 | 8.85 | 5,135 | 11,440 | 34,650 | 15.4% | 4.1% | 2.2% |
| HI | 506,737 | 11,828 | 14.6% | 85.4% | 19.9 | 7.47 | $338,427 | 37 | 646 | 21.9% | 38.8% | 47.1% | 63.6% | 8.4% | 5.0% | 9.5% | 10.5% | 2.1 | 3.0% | 44.9% | 45.8% | 7.49 | 8.28 | 1,218 | 339 | 3,471 | 18.1% | 3.6% | 3.3% |
| IA | 1,329,596 | 15,633 | 5.4% | 94.6% | 11.1 | 8.95 | $91,768 | 44 | 604 | 46.8% | 13.3% | 60.9% | 56.4% | 12.0% | 6.1% | 9.7% | 11.7% | 1.3 | 4.1% | 16.5% | 63.3% | 8.69 | 9.22 | 1,050 | 2,172 | 7,834 | 13.3% | 1.8% | 1.2% |
| ID | 631,071 | 9,149 | 9.1% | 90.9% | 13.2 | 8.36 | $136,516 | 38 | 612 | 39.7% | 16.4% | 55.8% | 59.2% | 11.8% | 6.0% | 11.0% | 9.0% | 1.2 | 3.1% | 24.6% | 62.8% | 8.15 | 8.73 | 781 | 991 | 3,705 | 23.1% | 3.1% | 2.9% |
| IL | 5,246,005 | 120,710 | 9.1% | 90.9% | 20.9 | 8.42 | $169,019 | 39 | 615 | 38.9% | 19.5% | 66.6% | 47.4% | 10.9% | 6.5% | 12.0% | 15.2% | 3.2 | 8.1% | 34.9% | 73.0% | 8.15 | 8.56 | 12,993 | 12,874 | 59,497 | 17.4% | 5.7% | 2.6% |
| IN | 2,778,394 | 63,971 | 12.3% | 87.7% | 20.2 | 8.83 | $95,413 | 48 | 608 | 45.2% | 16.0% | 59.5% | 56.1% | 11.7% | 6.2% | 11.7% | 10.6% | 2.1 | 3.8% | 19.7% | 57.0% | 8.49 | 9.24 | 3,581 | 7,484 | 27,176 | 11.8% | 2.0% | 1.2% |
| KS | 1,219,439 | 14,943 | 7.6% | 92.4% | 11.3 | 9.00 | $95,882 | 46 | 608 | 44.8% | 15.3% | 57.2% | 59.5% | 11.9% | 6.2% | 10.7% | 6.7% | 0.8 | 4.9% | 18.0% | 63.0% | 8.64 | 9.32 | 1,057 | 2,182 | 7,201 | 12.8% | 2.2% | 2.2% |
| KY | 1,906,096 | 26,116 | 7.3% | 92.7% | 12.7 | 8.68 | $101,899 | 47 | 608 | 44.0% | 15.1% | 58.7% | 56.8% | 11.8% | 6.1% | 10.4% | 10.2% | 1.3 | 4.6% | 19.2% | 53.4% | 8.33 | 9.07 | 1,333 | 3,308 | 10,723 | 13.3% | 2.3% | 1.3% |
| LA | 1,859,179 | 36,143 | 8.4% | 91.6% | 17.8 | 8.94 | $102,728 | 49 | 600 | 51.8% | 12.4% | 59.4% | 59.5% | 12.1% | 6.0% | 13.5% | 7.2% | 1.3 | 1.7% | 25.4% | 48.9% | 8.59 | 9.29 | 1,551 | 4,034 | 13,246 | 14.6% | 2.2% | 1.3% |
| MA | 2,722,190 | 50,831 | 6.9% | 93.1% | 17.4 | 7.86 | $254,640 | 39 | 625 | 33.3% | 25.4% | 68.3% | 46.0% | 11.3% | 6.8% | 18.8% | 10.4% | 1.8 | 6.8% | 38.4% | 66.4% | 7.73 | 8.26 | 6,522 | 3,561 | 23,999 | 15.0% | 4.7% | 3.9% |
| MD | 2,318,456 | 55,816 | 8.8% | 91.2% | 22.0 | 8.07 | $238,435 | 35 | 617 | 37.6% | 20.5% | 66.6% | 48.1% | 11.9% | 7.1% | 15.2% | 11.2% | 2.5 | 6.5% | 31.8% | 65.6% | 7.92 | 8.34 | 6,215 | 4,196 | 22,675 | 21.0% | 7.1% | 4.0% |
| ME | 696,611 | 10,786 | 8.8% | 91.2% | 14.1 | 8.12 | $147,516 | 39 | 614 | 40.4% | 19.3% | 62.4% | 52.7% | 11.5% | 6.3% | 10.6% | 14.7% | 2.1 | 4.2% | 31.2% | 51.0% | 8.24 | 8.69 | 843 | 696 | 3,772 | 17.9% | 4.1% | 2.7% |
| MI | 4,527,655 | 115,661 | 10.5% | 89.5% | 22.9 | 8.82 | $120,765 | 44 | 604 | 47.4% | 14.8% | 68.7% | 46.6% | 12.1% | 7.1% | 14.7% | 5.6% | 1.3 | 13.9% | 25.7% | 71.8% | 8.37 | 9.06 | 9,470 | 14,411 | 63,287 | 11.4% | 2.3% | 1.3% |
| MN | 2,304,467 | 40,405 | 6.8% | 93.2% | 16.3 | 8.24 | $176,170 | 39 | 624 | 32.8% | 24.4% | 65.9% | 48.1% | 10.5% | 6.0% | 10.6% | 9.4% | 1.5 | 15.4% | 28.4% | 72.8% | 7.81 | 8.53 | 4,924 | 4,337 | 21,879 | 14.3% | 3.9% | 2.1% |
| MO | 2,647,274 | 49,825 | 10.0% | 90.0% | 16.9 | 8.84 | $103,631 | 43 | 602 | 49.9% | 13.4% | 62.8% | 54.7% | 13.5% | 7.5% | 14.6% | 4.7% | 0.8 | 5.0% | 20.5% | 63.3% | 8.59 | 9.16 | 3,039 | 6,964 | 23,809 | 13.0% | 1.9% | 1.3% |
| MS | 1,254,908 | 22,809 | 7.7% | 92.3% | 16.8 | 9.24 | $88,826 | 51 | 594 | 56.6% | 10.0% | 63.5% | 53.1% | 14.1% | 7.1% | 17.4% | 5.1% | 0.9 | 3.2% | 21.0% | 48.8% | 8.75 | 9.42 | 897 | 2,709 | 8,733 | 12.0% | 2.0% | 1.1% |
| MT | 435,533 | 3,635 | 9.2% | 90.8% | 7.6 | 8.43 | $150,427 | 41 | 612 | 41.8% | 18.4% | 53.8% | 61.2% | 11.7% | 6.2% | 10.3% | 7.8% | 0.6 | 2.9% | 30.0% | 60.1% | 8.29 | 8.89 | 310 | 299 | 1,501 | 19.7% | 2.4% | 2.3% |
| NC | 4,125,308 | 53,829 | 11.7% | 88.3% | 11.5 | 8.87 | $114,157 | 49 | 603 | 48.9% | 13.2% | 61.0% | 56.9% | 14.3% | 7.7% | 13.6% | 4.4% | 0.5 | 3.1% | 22.4% | 55.6% | 8.49 | 9.07 | 2,757 | 7,141 | 20,583 | 16.1% | 3.9% | 2.1% |
| ND | 310,548 | 1,520 | 6.6% | 93.4% | 4.6 | 8.85 | $98,532 | 40 | 611 | 43.0% | 17.4% | 49.9% | 66.1% | 11.3% | 5.4% | 7.7% | 6.3% | 0.3 | 3.2% | 22.7% | 67.8% | 8.57 | 9.12 | 137 | 226 | 771 | 16.6% | 1.5% | 1.9% |
| NE | 780,804 | 10,273 | 8.6% | 91.4% | 12.0 | 8.78 | $97,613 | 45 | 613 | 41.8% | 18.1% | 54.3% | 62.1% | 11.2% | 6.1% | 11.2% | 6.4% | 0.8 | 3.1% | 19.4% | 60.7% | 8.53 | 9.13 | 630 | 1,407 | 4,904 | 11.7% | 1.3% | 0.9% |
| NH | 594,052 | 12,169 | 6.3% | 93.7% | 19.2 | 7.92 | $190,909 | 39 | 617 | 39.3% | 21.3% | 61.3% | 53.6% | 12.9% | 7.9% | 13.1% | 6.4% | 1.2 | 6.2% | 31.7% | 58.5% | 7.84 | 8.43 | 1,163 | 954 | 5,243 | 15.5% | 3.4% | 2.5% |
| NJ | 3,499,406 | 67,121 | 8.5% | 91.5% | 17.5 | 8.23 | $256,951 | 38 | 619 | 37.3% | 22.4% | 67.0% | 46.3% | 10.6% | 6.5% | 13.3% | 19.6% | 3.4 | 3.7% | 44.6% | 67.0% | 8.18 | 8.61 | 8,548 | 3,695 | 28,500 | 20.8% | 6.2% | 3.7% |
| NM | 862,067 | 10,406 | 10.3% | 89.7% | 10.8 | 8.66 | $133,080 | 44 | 610 | 43.6% | 15.7% | 54.9% | 61.6% | 12.2% | 5.7% | 9.0% | 8.5% | 0.9 | 3.0% | 27.9% | 53.7% | 8.51 | 8.99 | 743 | 883 | 3,546 | 20.9% | 6.0% | 2.4% |
| NV | 1,102,379 | 32,372 | 10.3% | 89.7% | 26.3 | 8.02 | $214,957 | 36 | 627 | 30.0% | 25.3% | 67.6% | 42.7% | 9.5% | 6.3% | 14.6% | 14.1% | 3.7 | 12.8% | 36.6% | 75.0% | 7.60 | 8.31 | 4,789 | 2,442 | 17,301 | 14.7% | 2.9% | 2.9% |
| NY | 7,939,846 | 136,457 | 8.1% | 91.9% | 15.8 | 7.90 | $276,492 | 41 | 630 | 31.8% | 29.6% | 59.8% | 53.6% | 10.5% | 6.0% | 13.4% | 14.0% | 2.2 | 2.5% | 44.6% | 49.0% | 7.90 | 8.47 | 13,206 | 5,151 | 43,003 | 18.6% | 6.5% | 5.0% |
| OH | 5,064,900 | 118,498 | 12.5% | 87.5% | 20.5 | 8.59 | $106,161 | 47 | 607 | 45.4% | 15.1% | 61.3% | 53.5% | 11.0% | 5.9% | 12.0% | 11.9% | 2.4 | 5.7% | 20.8% | 51.7% | 8.30 | 9.05 | 5,928 | 12,483 | 46,072 | 10.4% | 2.4% | 1.3% |
| OK | 1,623,010 | 26,921 | 9.6% | 90.4% | 15.0 | 8.85 | $89,080 | 47 | 605 | 47.0% | 14.4% | 52.4% | 64.0% | 11.1% | 5.5% | 8.4% | 7.9% | 1.2 | 3.1% | 21.0% | 46.3% | 8.65 | 9.34 | 1,117 | 3,021 | 9,558 | 12.1% | 1.8% | 1.3% |
| OR | 1,609,595 | 28,832 | 8.6% | 91.4% | 16.4 | 7.93 | $186,302 | 37 | 630 | 28.6% | 27.7% | 51.7% | 60.6% | 10.9% | 6.3% | 10.1% | 8.3% | 1.4 | 3.8% | 27.4% | 62.7% | 7.68 | 8.32 | 3,298 | 2,168 | 10,717 | 24.8% | 5.5% | 4.8% |
| PA | 5,477,864 | 104,495 | 10.0% | 90.0% | 17.2 | 8.62 | $120,376 | 45 | 606 | 48.1% | 16.7% | 57.1% | 58.6% | 12.2% | 6.7% | 11.9% | 8.2% | 1.4 | 2.4% | 24.2% | 50.7% | 8.53 | 9.12 | 5,835 | 7,744 | 38,265 | 15.6% | 2.4% | 1.8% |
| RI | 450,884 | 11,425 | 8.6% | 91.4% | 23.2 | 7.89 | $215,619 | 37 | 625 | 32.9% | 25.4% | 65.0% | 48.4% | 11.3% | 6.4% | 12.4% | 10.7% | 2.5 | 10.9% | 39.2% | 63.9% | 7.79 | 8.35 | 1,488 | 703 | 5,145 | 15.9% | 4.3% | 2.8% |
| SC | 2,021,947 | 29,834 | 10.3% | 89.7% | 13.2 | 8.89 | $106,385 | 50 | 600 | 51.3% | 12.4% | 60.6% | 56.4% | 13.5% | 6.6% | 11.4% | 8.8% | 1.2 | 3.3% | 21.7% | 47.6% | 8.57 | 9.12 | 1,197 | 3,362 | 9,907 | 16.9% | 3.6% | 1.7% |
| SD | 357,240 | 2,441 | 7.3% | 92.7% | 6.3 | 8.77 | $103,899 | 42 | 615 | 38.6% | 17.0% | 56.7% | 58.6% | 10.8% | 6.8% | 8.6% | 7.8% | 0.5 | 7.5% | 22.4% | 66.1% | 8.43 | 9.17 | 226 | 345 | 1,245 | 13.6% | 2.1% | 1.2% |
| TN | 2,724,729 | 63,451 | 8.6% | 91.4% | 21.3 | 8.70 | $104,503 | 45 | 610 | 43.5% | 15.5% | 60.6% | 54.8% | 12.7% | 7.0% | 17.8% | 4.1% | 0.9 | 3.6% | 21.3% | 50.2% | 8.43 | 9.10 | 2,862 | 8,619 | 23,442 | 15.2% | 2.4% | 1.8% |
| TX | 9,432,672 | 199,227 | 8.4% | 91.6% | 19.3 | 8.71 | $98,374 | 46 | 606 | 47.8% | 15.8% | 51.4% | 65.7% | 12.0% | 5.8% | 9.9% | 4.3% | 0.8 | 2.4% | 29.8% | 43.9% | 8.61 | 9.21 | 9,507 | 20,567 | 68,312 | 10.9% | 2.0% | 1.8% |
| UT | 925,242 | 18,472 | 8.2% | 91.8% | 18.3 | 8.27 | $172,970 | 37 | 624 | 30.7% | 22.8% | 54.2% | 61.1% | 11.5% | 6.7% | 10.5% | 7.6% | 1.4 | 2.5% | 27.3% | 71.1% | 7.93 | 8.58 | 1,948 | 2,100 | 8,065 | 26.1% | 3.5% | 3.5% |
| VA | 3,274,394 | 50,045 | 8.8% | 91.2% | 13.9 | 8.23 | $194,720 | 38 | 613 | 41.8% | 18.5% | 61.1% | 54.2% | 12.5% | 7.0% | 14.7% | 5.9% | 0.8 | 5.6% | 27.5% | 61.0% | 8.04 | 8.53 | 4,534 | 4,158 | 20,500 | 18.8% | 4.4% | 3.0% |
| VT | 311,434 | 2,859 | 9.8% | 90.2% | 8.3 | 8.44 | $150,237 | 38 | 612 | 40.4% | 17.8% | 59.7% | 55.3% | 12.8% | 5.9% | 9.8% | 12.8% | 1.1 | 3.3% | 30.9% | 59.0% | 8.43 | 8.84 | 287 | 191 | 1,067 | 19.9% | 5.9% | 4.1% |
| WA | 2,744,069 | 49,689 | 7.2% | 92.8% | 16.8 | 7.99 | $207,587 | 36 | 627 | 31.1% | 25.9% | 53.1% | 60.2% | 10.5% | 6.4% | 11.5% | 8.0% | 1.4 | 3.4% | 27.4% | 67.1% | 7.70 | 8.35 | 5,834 | 4,525 | 20,817 | 23.1% | 4.5% | 5.2% |
| WI | 2,560,099 | 35,177 | 10.4% | 89.6% | 12.3 | 8.75 | $130,276 | 38 | 609 | 43.5% | 16.2% | 65.7% | 49.4% | 10.7% | 6.4% | 12.3% | 14.4% | 1.8 | 6.8% | 23.9% | 72.4% | 8.50 | 9.02 | 3,084 | 4,336 | 17,213 | 19.0% | 4.0% | 1.5% |
| WV | 882,685 | 6,275 | 5.8% | 94.2% | 6.7 | 9.13 | $97,535 | 49 | 596 | 54.0% | 10.8% | 59.3% | 57.9% | 13.4% | 7.2% | 11.5% | 6.7% | 0.5 | 3.2% | 16.7% | 50.2% | 8.73 | 9.31 | 298 | 570 | 2,395 | 14.2% | 3.6% | 1.5% |
| WY | 242,332 | 2,825 | 6.5% | 93.5% | 10.9 | 8.46 | $134,603 | 39 | 612 | 40.6% | 16.6% | 48.5% | 67.8% | 11.6% | 5.1% | 8.5% | 3.4% | 0.4 | 3.5% | 17.6% | 60.3% | 8.25 | 8.91 | 183 | 430 | 1,191 | 21.0% | 2.6% | 1.6% |
| PR | 1,418,476 | 20 | 30.0% | 70.0% | 0.0 | 6.62 | $74,705 | 113 | 699 | 64.3% | 28.6% | 57.1% | 57.1% | 7.1% | 0.0% | 0.0% | 28.6% | 0.0 | 7.1% | 21.4% | 7.1% | 9.73 | 9.73 | 0 | 0 | 0 | 0.0% | 100.0% | 0.0% |
| VI | NA | 7 | 28.6% | 71.4% | NA | 4.50 | $85,883 | 114 | 649 | 40.0% | 20.0% | 40.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | NA | 0.0% | 20.0% | 20.0% | 3.88 | 6.50 | 1 | 0 | 1 | 0.0% | 0.0% | 0.0% |
| US | 127,901,934 | 2,688,726 | 9.1% | 90.9% | 19.1 | 8.32 | $182,105 | 41 | 617 | 38.9% | 21.5% | 62.5% | 51.5% | 11.0% | 6.4% | 13.0% | 11.4% | 2.2 | 6.7% | 32.4% | 61.0% | 8.04 | 8.65 | 256,140 | 237,965 | 1,155,359 | 16.1% | 3.6% | 2.9% |