Subprime percentage by county

[Deuce of Spades]

Orange 38%
Osceola 46%
Seminole 32%
Lake 32%
Volusia 36%

Very scary and begins to explain the tumble our market is experiencing

 

[Brad Ellis]

Dee Dee,

Hard to believe and perhaps because these numbers might be limited to loans made only in 2005 or 2006 or something because the overall percentage of sub-prime loans has never been reported to be that high. Or is could be the percentage of them set to reset or something.

Whatever- I am not buying that these percentages reflect the entire universe of existing mortgages.

Brad

 

[William K]

Cook County which includes Chicago and is the second most populated county in the US is 37%. And I know Chicago percentages are there or higher.m2:

 

[Greg Bell]

If you all think it's just sub prime a rude awakening is coming.ALL mortgage will be in jeopardy when the values plummet , and that's coming soon.When the full blown panic sets in it's Katy bar the door..Quyick , buy some beans and ammo......

 

[Brad Ellis]

Folks,

Here is the actual data per the MBA:

As can be seen in the chart below, while subprime ARMs only represent 6.8 percent of the loans outstanding, they represent 43.0 percent of the foreclosures started during the third quarter.



Percent of
Outstanding Loans
Percent of
Foreclosures
Started

Prime Fixed 63.1%
17.6%

Prime ARM 14.5%
18.7%

Subprime Fixed 6.3%
12.0%

Subprime ARM 6.8%
43.0%

FHA & VA 9.3%
8.7%

Brad

 

[Jo Ann Meyer Stratton]

I am not surprised at all for Graham (34%) and Greenlee (46%) counties in my area. And the foreclosures are going to be enormous in the future. The only economy we have is the copper mine and prisons. Had a huge boom for the past two years because the copper mine was expanding. Well the construction of the expansion is almost done and workers are leaving town. Permanent residents left in the area can't afford the cost of housing or rentals right now because things went so crazy during the boom. Almost every purchase and refinance had 100% financing--as the jobs dwindle, either ending or hours cut back, it will be very difficult to keep up those payments.

 

[murray stroupe]

Sub-prime parameters

Interesting and scary. I wonder what parameters for subprime were used?

================
Well most likely parameters are still a lower standard range on credit score;
wrote it down some time ago, when one of the leaders of Fair Isaac mentioned that range. No longer have it in my records.

Maybe a lender will mention it here ;
his range shouldn't be confidential, he mentioned that range on TV.

 

[Deuce of Spades]

I am not surprised at all for Graham (34%) and Greenlee (46%) counties in my area. And the foreclosures are going to be enormous in the future. The only economy we have is the copper mine and prisons. Had a huge boom for the past two years because the copper mine was expanding. Well the construction of the expansion is almost done and workers are leaving town. Permanent residents left in the area can't afford the cost of housing or rentals right now because things went so crazy during the boom. Almost every purchase and refinance had 100% financing--as the jobs dwindle, either ending or hours cut back, it will be very difficult to keep up those payments.

Central Florida is in a similar situation. Our boom (imo) was mostly related to hurricane construction and repairs which falsely inflated our economy which then provided the temporary income for these workers to afford much higher housing payments which then spurred new construction which provided additional income to these workers - now all the building is done (overdone and poorly at that) and these workers no longer have jobs and are in foreclosure on homes that they could truely only afford for a couple of years.
It is going to be very ugly down here. Our unemployment rates have not caught up with today's reality yet. We have always been a tourist economy which are low wages and our housing affordability rate is way off. The foreclosures are just starting to surface.

 

[Terrel L. Shields]

only economy we have is the copper mine and prisons

maybe they'll expand the prisons to accommodate MB's and errant appraisers...

 

[Jo Ann Meyer Stratton]

"maybe they'll expand the prisons to accommodate MB's and errant appraisers... "

That is already happening since the prison next door to where I live is a minimal security prison. John Erlichman from Watergate fame, Joan Boaz's husband have been some of the famous prisoners through the years. During the Vietnam War Joan Boas staged protest marches in front of the prison while her husband was there. So mortgage brokers, real estate agents, title officers, appraisers, etc involved in mortgage fraud are all likely to become my next door neighbors.