I've been at the MBA's Commercial Real Estate Finance/Multifamily Housing Convention and Expo in Orlando. I intend to gather my thoughts and put a long post up in a day or so rounding up what I've seen and heard. For now, I thought I'd share a couple of charts that I found astounding, in terms of illustrating how small a piece of the residential market subprime loans represent. It's amazing because that small piece has caused larger problems. It's also amazing because that small piece still represents millions of mortgages and, therefore, millions of families.
| Loan Type | Percent of Loans Outstanding | Percent of Foreclosures | ||
|---|---|---|---|---|
| Prime Fixed | 63 | 18 | ||
| Prime ARM | 15 | 19 | ||
| Subrime Fixed | 6 | 13 | ||
| Subprime ARM | 7 | 43 | ||
| FHA & VA | 9 | 9 |
| Percentage of Homeowners with no mortgage | 35.0% | ||
|---|---|---|---|
| Percentage of Homeowners with a mortgage | 65.0% | Of Homeowners with a Mortgage | |
| Prime Fixed | 41.0% | Prime Fixed | 63.1% |
| Prime ARM | 9.4% | Prime ARM | 14.5% |
| Subprime Fixed | 4.1% | Subprime Fixed | 6.3% |
| Subprime ARM | 4.4% | Subprime ARM | 6.8% |
| FHA Fixed | 4.1% | FHA Fixed | 6.4% |
| FHA ARM | 0.3% | FHA ARM | 0.4% |
| VA | 1.7% | VA | 2.5% |
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