Nonprime Mortgage Maps

[traderx]

Link is to an interesting little tool brought to you by the insurance company; I mean a bank; no, I mean an investment bank; no, I mean the Fed.

http://www.newyorkfed.org/mortgagemaps/

 

[SHELLY]

Link is to an interesting little tool brought to you by the insurance company; I mean a bank; no, I mean an investment bank; no, I mean the Fed.

http://www.newyorkfed.org/mortgagemaps/

Thanx! Great interactive stuff--the best $700 Billion can buy.

.

 

[Miss Critter]

So in the 32459 zip code only half the mortgages are current, 62% have had a late payment in the past 12 months, and 35% or ARMs are scheduled to reset in the next 12 months? Am I reading that right?

 

[AAbsolute]

So in the 32459 zip code only half the mortgages are current, 62% have had a late payment in the past 12 months, and 35% or ARMs are scheduled to reset in the next 12 months? Am I reading that right?

It looks like that data is not specific to 32459. I think that is for all of Florida. I can't get those numbers to change for Mirimar or Freeport.

 

[TooFarTampa]

So in the 32459 zip code only half the mortgages are current, 62% have had a late payment in the past 12 months, and 35% or ARMs are scheduled to reset in the next 12 months? Am I reading that right?

From what I can tell, the information for individual counties and zip codes is not available. Those statistics are for the state of Florida, and they apply to subprime loans only. So I guess it means there is some more shaking out to do.

 

[Mango]

From what I can tell, the information for individual counties and zip codes is not available. Those statistics are for the state of Florida, and they apply to subprime loans only. So I guess it means there is some more shaking out to do.

There was a button choice for Alt-A as well to the right of the subprime button.

Did anyone try an other zip code in Florida and see if the stats were different?

 

[beachmouse]

It does note that the subprime loans are on 36.9 out of every 1000 housing units, and Alt-As are 19 of every 1000 housing units.

So we're talking about 5% of housing units in the state for purposes here.

 

[dunefrog]

It does note that the subprime loans are on 36.9 out of every 1000 housing units, and Alt-As are 19 of every 1000 housing units.

So we're talking about 5% of housing units in the state for purposes here.

Yes it looks very scary until you understand that this is only for Subprime and Alt-A loans and then look at the actual numbers being considered. Over 94% of the loans in Florida are NOT Subprime or Alt-A mortgages. Of the less than 6% that are, most are current with their payments (over 70% Alt-A, 50% Subprime). So the troubled mortgages really amount about 2% of the total mortgages held in Florida. Florida, California, and New York look to be by far the worst hit areas.

Now I'm not saying it's not bad and won't get worse from here. The option ARM mess is still to come. I'm just saying the data so far shows a that most people (98%) CAN pay their mortgages and the whole country is not collapsing.

 

[wrobert]

Yes it looks very scary until you understand that this is only for Subprime and Alt-A loans and then look at the actual numbers being considered. Over 94% of the loans in Florida are NOT Subprime or Alt-A mortgages. Of the less than 6% that are, most are current with their payments (over 70% Alt-A, 50% Subprime). So the troubled mortgages really amount about 2% of the total mortgages held in Florida. Florida, California, and New York look to be by far the worst hit areas.

Now I'm not saying it's not bad and won't get worse from here. The option ARM mess is still to come. I'm just saying the data so far shows a that most people (98%) CAN pay their mortgages and the whole country is not collapsing.

So the next reset that comes in November, Merry Christmas, is going to be the ones that were zero interest resetting?

 

[dunefrog]

So the next reset that comes in November, Merry Christmas, is going to be the ones that were zero interest resetting?

Done with the majority of the Subprime resets. But the Alt-A and Option resets are just getting started. Looks like 2010-2011 will be the worst time for those mortgages. But since there is no data yet, who knows if the default rates for Option ARMs will be as bad as Subprime. Alt-A default rates have not been nearly as bad as Subprime so far.

Mortgage Reset Chart
http://calculatedrisk.blogspot.com/2007/10/imf-mortgage-reset-chart.html

Businessweek article about Option ARMs
http://www.businessweek.com/magazine/content/06_37/b4000001.htm