U.S. Department of Commerce

Residential Finance Survey

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Residential Finance Survey: 2001 - Northeast
Table 5-3b. Mortgage Insurance Status, Rental and Vacant 2- to 4-Housing-Unit Mortgaged Properties
^Number of mortgaged properties in thousands.
For information on confidentiality protection, sampling error, non-sampling error, and definitions, see text.
For minimum base of derived figures (percent, median, etc.) and meaning of symbols, see text.
@4Includes first mortgages that are insured by state and local governments with or without FHA insurance, VA, or Rural Housing Service/Rural Development guarantees.
Monthly Rental Receipts Per Housing Unit, Rental Receipts as Percent of Value, Rental Vacancy Losses as Percent of Potential Receipts, Interest and Principal Payments on First Mortgage as Percent of Rental Receipts and Real Estate Tax as Percent of Rental Receipts acquired before 2000 exclude properties with less than half of units in rental market during all of year preceding survey and cooperatively owned apartments^^

Properties with government-insured
cooperatively owned apartments^^
or guaranteed first mortgage
Total
mortgaged
properties		 FHA
first mortgage		 VA
first mortgage		 Rural Housing Service-
Rural Development
first mortgage		 Other
insured or guaranteed
properties@4		 Properties with
privately-insured
first mortgage		 Not insured

2- to 4-housing-unit properties
with traditional first mortgage		 257 19 0 0 0 26 211

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs		 211 15 0 0 0 24 171
In central cities 90 13 0 0 0 11 65
Not in central cities 121 2 0 0 0 13 106
Outside MAs 46 4 0 0 0 2 40

Number of Housing Units

2 housing units		 171 12 0 0 0 16 144
3 housing units 57 5 0 0 0 8 43
4 housing units 29 2 0 0 0 2 25

Manner of Acquisition

By purchase		 248 19 0 0 0 22 207
Placed one new mortgage 224 13 0 0 0 19 191
Placed two or more new mortgages 15 6 0 0 0 0 9
Assumed mortgage(s) already on property 6 0 0 0 0 0 6
Assumed mortgage(s) already on property
and placed new mortgage		 0 0 0 0 0 0 0
Borrowed using assets other than this
property as collateral		 3 0 0 0 0 3 0
Paid all cash-no borrowing 0 0 0 0 0 0 0
Other manner 0 0 0 0 0 0 0
By inheritance or gift 2 0 0 0 0 2 0
By divorce 0 0 0 0 0 0 0
By tax free exchange of
other property		 0 0 0 0 0 0 0
By foreclosure or assignment 0 0 0 0 0 0 0
By some other manner 2 0 0 0 0 0 2
Not reported 5 0 0 0 0 2 2

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)		 139 11 0 0 0 11 117
Sale of stock or other partnership
shares for this project		 7 0 0 0 0 3 4
Sale of previously owned stocks,
shares, or other securities		 11 0 0 0 0 0 11
Sale of land or other real estate 13 0 0 0 0 0 13
Owner's cash, bank deposits,
share accounts, or bonds		 88 10 0 0 0 11 66
Borrowing from a retirement plan 3 0 0 0 0 0 3
Borrowing using assets other than this
property as collateral		 12 0 0 0 0 0 12
Proceeds from an insurance policy 0 0 0 0 0 0 0
From a state or local government source 4 4 0 0 0 0 0
From a non-profit organization 4 0 0 0 0 0 4
Proceeds from sale of tax credits 0 0 0 0 0 0 0
From parents or relatives 1 0 0 0 0 0 1
Other cash source 3 0 0 0 0 0 3
Non-cash source 0 0 0 0 0 0 0
No downpayment required 14 1 0 0 0 0 13
Not reported 1 0 0 0 0 0 1
Other properties 115 8 0 0 0 13 94
Not reported 2 0 0 0 0 2 0

Year Property Acquired

1999 to 2001 (part)		 73 4 0 0 0 5 64
1997 and 1998 37 7 0 0 0 5 25
1995 and 1996 31 0 0 0 0 4 27
1990 to 1994 53 5 0 0 0 6 43
1985 to 1989 31 3 0 0 0 2 26
1980 to 1984 13 0 0 0 0 1 12
1975 to 1979 12 0 0 0 0 4 8
1970 to 1974 5 0 0 0 0 0 5
1969 or earlier 1 0 0 0 0 0 1

Building and Land Acquisition

Acquired at same time		 244 18 0 0 0 26 200
Not acquired at same time 2 1 0 0 0 0 1
Land not owned by building owner 1 0 0 0 0 0 1
Not reported 9 0 0 0 0 0 9

Property New or Previously Owned When
Acquired

Acquired by purchase		 248 19 0 0 0 22 207
New 20 1 0 0 0 0 19
Previously owned 224 18 0 0 0 22 183
As residential property 218 18 0 0 0 22 178
Converted from nonresidential use 6 0 0 0 0 0 6
Other 1 0 0 0 0 0 1
Not reported 3 0 0 0 0 0 3
Other properties 4 0 0 0 0 2 2
Not reported 5 0 0 0 0 2 2

Year Structure Built

1999 to March 2000		 1 1 0 0 0 0 0
1997 and 1998 4 0 0 0 0 0 4
1995 and 1996 0 0 0 0 0 0 0
1990 to 1994 10 0 0 0 0 0 10
1980 to 1989 10 0 0 0 0 0 10
1970 to 1979 22 0 0 0 0 0 22
1960 to 1969 3 1 0 0 0 0 2
1950 to 1959 22 0 0 0 0 0 22
1940 to 1949 24 0 0 0 0 0 24
1939 or earlier 161 18 0 0 0 26 118

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)		 108 11 0 0 0 8 90
Less than $20,000 6 0 0 0 0 0 6
$20,000 to $39,999 39 6 0 0 0 8 25
$40,000 to $59,999 15 5 0 0 0 0 10
$60,000 to $79,999 25 0 0 0 0 0 25
$80,000 to $99,999 9 0 0 0 0 0 9
$100,000 to $124,999 10 0 0 0 0 0 10
$125,000 to $149,999 1 0 0 0 0 0 1
$150,000 to $174,999 0 0 0 0 0 0 0
$175,000 to $199,999 0 0 0 0 0 0 0
$200,000 to $249,999 1 0 0 0 0 0 1
$250,000 to $299,999 0 0 0 0 0 0 0
$300,000 to $499,999 3 0 0 0 0 0 3
$500,000 or more 0 0 0 0 0 0 0
Median 52905 38908 0 0 0 30000 63171
Mean 64152 42880 0 0 0 29874 69652
Other properties 148 8 0 0 0 18 122

Value

Less than $20,000		 0 0 0 0 0 0 0
$20,000 to $39,999 7 0 0 0 0 0 7
$40,000 to $59,999 19 0 0 0 0 0 19
$60,000 to $79,999 34 3 0 0 0 0 30
$80,000 to $99,999 8 1 0 0 0 0 7
$100,000 to $124,999 46 8 0 0 0 13 25
$125,000 to $149,999 19 4 0 0 0 4 10
$150,000 to $174,999 21 1 0 0 0 2 18
$175,000 to $199,999 16 0 0 0 0 0 16
$200,000 to $249,999 29 1 0 0 0 0 28
$250,000 to $299,999 15 0 0 0 0 0 15
$300,000 to $499,999 27 2 0 0 0 3 22
$500,000 or more 16 0 0 0 0 3 12
Median 144914 117810 0 0 0 124699 159248
Mean 186205 132321 0 0 0 209914 188218

Value Per Housing Unit@8

Less than $20,000		 13 0 0 0 0 0 13
$20,000 to $39,999 64 5 0 0 0 4 55
$40,000 to $59,999 49 9 0 0 0 11 29
$60,000 to $79,999 31 4 0 0 0 4 22
$80,000 to $99,999 27 0 0 0 0 0 27
$100,000 to $124,999 27 2 0 0 0 0 26
$125,000 to $149,999 17 0 0 0 0 3 14
$150,000 to $174,999 9 0 0 0 0 0 9
$175,000 to $199,999 7 0 0 0 0 0 7
$200,000 to $249,999 4 0 0 0 0 0 4
$250,000 to $299,999 5 0 0 0 0 3 1
$300,000 to $499,999 5 0 0 0 0 0 5
$500,000 or more 0 0 0 0 0 0 0
Median 62183 51737 0 0 0 56092 68303
Mean 78797 52897 0 0 0 88236 80005

Purchase Price as Percent of Value@8

Acquired by purchase		 248 19 0 0 0 22 207
Purchased 1997 to 2001 (part) 108 11 0 0 0 8 90
Less than 60 percent 16 0 0 0 0 8 9
60 to 69 percent 5 0 0 0 0 0 5
70 to 79 percent 16 2 0 0 0 0 14
80 to 99 percent 39 9 0 0 0 0 30
100 percent or more 32 0 0 0 0 0 32
Median 89 87 0 0 0 30 92
Purchased 1990 to 1996 (part) 82 5 0 0 0 9 68
Less than 40 percent 15 0 0 0 0 0 15
40 to 59 percent 9 2 0 0 0 0 7
60 to 79 percent 25 0 0 0 0 7 18
80 to 99 percent 3 1 0 0 0 0 1
100 percent or more 31 2 0 0 0 3 26
Median 74 93 0 0 0 74 73
Purchased 1989 or earlier 58 3 0 0 0 5 50
Less than 20 percent 6 0 0 0 0 5 1
20 to 39 percent 11 0 0 0 0 0 11
40 to 59 percent 16 3 0 0 0 0 13
60 to 79 percent 9 0 0 0 0 0 9
80 to 99 percent 4 0 0 0 0 0 4
100 percent or more 12 0 0 0 0 0 12
Median 55 50 0 0 0 10 60
Not acquired by purchase 8 0 0 0 0 4 4

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000		 160 13 0 0 0 19 129
Less than $500 6 0 0 0 0 0 6
$500 to $999 2 0 0 0 0 0 2
$1,000 to $2,499 28 0 0 0 0 2 26
$2,500 to $4,999 21 0 0 0 0 3 18
$5,000 to $7,499 28 9 0 0 0 3 16
$7,500 to $9,999 11 0 0 0 0 0 11
$10,000 to $14,999 25 2 0 0 0 0 24
$15,000 to $19,999 22 0 0 0 0 9 13
$20,000 to $29,999 16 2 0 0 0 3 11
$30,000 or more 1 0 0 0 0 0 1
Median 7129 6854 0 0 0 16147 6909
Mean 8710 9120 0 0 0 13564 7963
Properties with no capital
improvements between 1998 and 2000		 56 6 0 0 0 7 43
Capital improvements not
reported		 40 1 0 0 0 0 39

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000		 160 13 0 0 0 19 129
Less than $500 13 0 0 0 0 0 13
$500 to $999 11 0 0 0 0 2 10
$1,000 to $2,499 43 1 0 0 0 6 36
$2,500 to $4,999 40 9 0 0 0 0 30
$5,000 to $7,499 21 2 0 0 0 0 18
$7,500 to $9,999 23 0 0 0 0 11 12
$10,000 to $14,999 9 0 0 0 0 0 9
$15,000 to $19,999 0 0 0 0 0 0 0
$20,000 to $29,999 0 0 0 0 0 0 0
$30,000 or more 0 0 0 0 0 0 0
Median 3290 3929 0 0 0 7934 2931
Mean 3710 3612 0 0 0 5965 3392
Properties with no capital
improvements between 1998 and 2000		 56 6 0 0 0 7 43
Capital improvements not
reported		 40 1 0 0 0 0 39

Monthly Rental Receipts Per Housing Unit

Acquired before 2000		 215 15 0 0 0 21 179
Less than $100 3 1 0 0 0 0 2
$100 to $199 19 0 0 0 0 5 14
$200 to $299 25 1 0 0 0 3 21
$300 to $399 25 0 0 0 0 5 21
$400 to $499 30 6 0 0 0 4 21
$500 to $599 25 3 0 0 0 4 17
$600 to $799 8 0 0 0 0 0 8
$800 to $999 50 4 0 0 0 0 45
$1000 or more 19 0 0 0 0 1 19
No rental receipts 11 0 0 0 0 0 11
Median 498 503 0 0 0 364 527
Mean 540 538 0 0 0 433 552
Acquired 2000 and 2001 (part) 42 4 0 0 0 5 33

Rental Receipts as Percent of Value@8

Acquired before 2000		 215 15 0 0 0 21 179
Less than 5 percent 27 1 0 0 0 8 19
5 to 9 percent 54 2 0 0 0 0 52
10 to 14 percent 89 7 0 0 0 13 68
15 to 19 percent 20 5 0 0 0 0 15
20 to 24 percent 8 0 0 0 0 0 8
25 to 29 percent 6 0 0 0 0 0 6
30 to 39 percent 0 0 0 0 0 0 0
40 percent or more 0 0 0 0 0 0 0
Median 11 13 0 0 0 11 11
Acquired 2000 and 2001 (part) 42 4 0 0 0 5 33

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000		 215 15 0 0 0 21 179
Less than 1.0 percent 81 4 0 0 0 4 72
1.0 to 2.9 percent 6 0 0 0 0 0 6
3.0 to 4.9 percent 10 0 0 0 0 4 7
5.0 to 6.9 percent 1 0 0 0 0 0 1
7.0 to 8.9 percent 11 0 0 0 0 3 8
9.0 to 10.9 percent 3 0 0 0 0 0 3
11.0 to 12.9 percent 4 1 0 0 0 0 3
13.0 to 14.9 percent 0 0 0 0 0 0 0
15.0 percent or more 32 2 0 0 0 8 22
Not reported or not computed 67 8 0 0 0 2 56
Median 0.9 0.8 0.0 0.0 0.0 7.8 0.8
Acquired 2000 and 2001 (part) 42 4 0 0 0 5 33

Age Restrictions

Property restricted to people
age 55 or older		 51 3 0 0 0 3 44
Property not restricted to people
age 55 or older		 201 16 0 0 0 22 163
Not reported 4 0 0 0 0 0 4

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan		 11 1 0 0 0 0 10
Government rental subsidy 16 0 0 0 0 0 16
Government grant 0 0 0 0 0 0 0
Property tax relief 0 0 0 0 0 0 0
Federal income tax credit for
low-income, old or historic properties		 0 0 0 0 0 0 0
Accelerated federal income tax
depreciation for low- and
moderate-income properties		 0 0 0 0 0 0 0
Subsidy from a non-profit corporation 0 0 0 0 0 0 0
None of the above benefits 211 18 0 0 0 26 168
Not reported 23 1 0 0 0 0 22

Source of Property Benefits@1

With property benefits		 23 1 0 0 0 0 22
Federal government 16 0 0 0 0 0 16
State government 7 1 0 0 0 0 6
Local government 0 0 0 0 0 0 0
Non-profit corporation 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
With no property benefits 211 18 0 0 0 26 168
Not reported 23 1 0 0 0 0 22

Reason for Benefits@1

With property benefits		 23 1 0 0 0 0 22
Occupied by low- or moderate-income
individuals		 22 1 0 0 0 0 21
Occupied by elderly or disabled
individuals		 1 0 0 0 0 0 1
A historic structure 0 0 0 0 0 0 0
Located in a community development or
economic development area		 0 0 0 0 0 0 0
Covered by a Homestead Exemption 0 0 0 0 0 0 0
Covered by a Community Land Trust 0 0 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0 0 0
Other reason 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
With no property benefits 211 18 0 0 0 26 168
Not reported 23 1 0 0 0 0 22

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)		 236 19 0 0 0 26 191
Limited partnership 6 0 0 0 0 0 6
Joint venture 4 0 0 0 0 0 4
General partnership 0 0 0 0 0 0 0
Life insurance company 1 0 0 0 0 0 1
Depository institution 0 0 0 0 0 0 0
Public real estate investment trust 0 0 0 0 0 0 0
Private real estate investment trust 0 0 0 0 0 0 0
Corporation - other than real estate
investment trust		 7 0 0 0 0 0 7
Housing cooperative organization 0 0 0 0 0 0 0
Non-profit or church-related institution 0 0 0 0 0 0 0
Pension fund 0 0 0 0 0 0 0
Fraternal organization 0 0 0 0 0 0 0
Other 3 0 0 0 0 0 3

MORTGAGE CHARACTERISTICS


Number of Mortgages

1 mortgage		 209 14 0 0 0 21 173
2 mortgages 45 5 0 0 0 4 36
3 or more mortgages 3 0 0 0 0 0 3

Form of Debt of First Mortgage

Mortgage or deed of trust		 257 19 0 0 0 26 211
Contract to purchase 0 0 0 0 0 0 0
Some other loan secured by this property 0 0 0 0 0 0 0

Method of Loan Application

By computer over the Internet or
by e-mail		 0 0 0 0 0 0 0
By telephone or FAX 28 1 0 0 0 4 23
By regular mail 6 0 0 0 0 3 3
By personal visit 160 12 0 0 0 17 131
Through third party (such as real
estate agent or builder)		 36 6 0 0 0 0 29
Some other way 8 0 0 0 0 0 8
Not reported 16 0 0 0 0 2 14
Not available 3 0 0 0 0 0 3

Origin of First Mortgage

Mortgage made at time property acquired		 208 19 0 0 0 15 175
Mortgage assumed at the time property
acquired		 3 0 0 0 0 0 3
Mortgage placed later than acquisition of
property		 45 1 0 0 0 11 33
Refinanced mortgage 39 1 0 0 0 11 27
Same lender 10 1 0 0 0 3 7
Different lender 28 0 0 0 0 8 20
Mortgage placed on property
owned free and clear of debt		 6 0 0 0 0 0 6
Not available 0 0 0 0 0 0 0

Purpose of First Mortgage Placed
Later Than Acquisition of Property

Properties on which
mortgages placed later
than acquisition of property		 45 1 0 0 0 11 33
Obtain lower interest rate 26 1 0 0 0 3 22
Increase payment period for mortgage 0 0 0 0 0 0 0
Reduce payment period for mortgage 0 0 0 0 0 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance		 2 0 0 0 0 0 2
Receive cash or increase outstanding
balance of loan		 14 0 0 0 0 8 6
Other reason 0 0 0 0 0 0 0
Not reported 3 0 0 0 0 0 3
Other properties 212 19 0 0 0 15 178
Not available 0 0 0 0 0 0 0

Cash Received From Refinancing or
Placing Mortgage on Property Owned
Free and Clear

Properties on which cash
received		 20 0 0 0 0 8 11
Less than $20,000 6 0 0 0 0 4 2
$20,000 to $39,999 4 0 0 0 0 4 0
$40,000 to $59,999 3 0 0 0 0 0 3
$60,000 to $79,999 6 0 0 0 0 0 6
$80,000 to $99,999 0 0 0 0 0 0 0
$100,000 to $124,999 0 0 0 0 0 0 0
$125,000 to $149,999 0 0 0 0 0 0 0
$150,000 to $174,999 0 0 0 0 0 0 0
$175,000 to $199,999 0 0 0 0 0 0 0
$200,000 to $249,999 0 0 0 0 0 0 0
$250,000 to $299,999 0 0 0 0 0 0 0
$300,000 or more 0 0 0 0 0 0 0
Median 37145 0 0 0 0 21601 61499
Mean 41412 0 0 0 0 25609 52866
Properties that refinanced
and did not receive cash back		 25 1 0 0 0 3 22
Properties that refinanced
and did not report if received
cash back		 0 0 0 0 0 0 0
Properties that did not
refinance		 212 19 0 0 0 15 178
Not available 0 0 0 0 0 0 0

Use of Cash From Refinancing or
Placing Mortgage on Property Owned Free
and Clear

Properties on which cash
received@1		 20 0 0 0 0 8 11
For additions, improvements or repairs
to this property		 3 0 0 0 0 0 3
To consolidate debts 8 0 0 0 0 0 8
For investment in other real estate 8 0 0 0 0 8 0
For other types of investments 0 0 0 0 0 0 0
For educational or medical expenses 6 0 0 0 0 0 6
To start a business 0 0 0 0 0 0 0
To settle a divorce 0 0 0 0 0 0 0
To pay taxes 0 0 0 0 0 0 0
To purchase an automobile, truck, or
other vehicle		 3 0 0 0 0 0 3
To purchase consumer product other than
automobile, truck, or other vehicle		 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
Properties that refinanced
and did not receive cash back		 25 1 0 0 0 3 22
Properties that refinanced
and did not report if received
cash back		 0 0 0 0 0 0 0
Properties that did not
refinance		 212 19 0 0 0 15 178
Not available 0 0 0 0 0 0 0

Purpose of Second Mortgage

Properties with second
mortgage		 16 1 0 0 0 0 16
Provide funds for the purchase of this
property		 8 1 0 0 0 0 8
Provide funds for additions,
improvements or repairs to this
property		 5 0 0 0 0 0 5
Provide funds for consolidation of debts 0 0 0 0 0 0 0
Provide funds for investment in other
real estate		 0 0 0 0 0 0 0
Provide funds for other types of
investments		 0 0 0 0 0 0 0
Provide funds for educational or
medical expenses		 0 0 0 0 0 0 0
Provide funds for starting a business 0 0 0 0 0 0 0
Provide funds to settle a divorce 0 0 0 0 0 0 0
Provide funds to pay taxes 0 0 0 0 0 0 0
Provide funds to purchase automobile,
truck, or vehicle		 0 0 0 0 0 0 0
Provide funds to purchase another type
of consumer product		 0 0 0 0 0 0 0
Other reasons 0 0 0 0 0 0 0
Not reported 3 0 0 0 0 0 3
Other properties 240 19 0 0 0 26 196

Purpose of Home Equity Line of Credit

Properties with home equity
line of credit		 35 4 0 0 0 4 26
Provide funds for additions,
improvements or repairs to this
property		 14 3 0 0 0 4 6
Provide funds for consolidation of debts 3 0 0 0 0 0 3
Provide funds for investment in other
real estate		 0 0 0 0 0 0 0
Provide funds for other types of
investments		 0 0 0 0 0 0 0
Provide funds for educational or
medical expenses		 0 0 0 0 0 0 0
Provide funds for starting a business 0 0 0 0 0 0 0
Provide funds to settle a divorce 0 0 0 0 0 0 0
Provide funds to pay taxes 0 0 0 0 0 0 0
Provide funds to purchase automobile,
truck, or vehicle		 6 0 0 0 0 0 6
Provide funds to purchase another type
of consumer product		 0 0 0 0 0 0 0
Other reasons 0 0 0 0 0 0 0
Not reported 12 1 0 0 0 0 11
Other properties 222 15 0 0 0 21 185

Year First Mortgage Made or
Assumed

1999 to 2001 (part)		 104 5 0 0 0 18 81
1997 and 1998 48 7 0 0 0 0 41
1995 and 1996 33 0 0 0 0 4 29
1990 to 1994 37 4 0 0 0 3 30
1985 to 1989 23 3 0 0 0 0 20
1980 to 1984 7 0 0 0 0 1 6
1979 or earlier 5 0 0 0 0 0 5

Traditional First Mortgage Loan

Less than $20,000		 3 0 0 0 0 0 3
$20,000 to $29,999 3 0 0 0 0 0 3
$30,000 to $39,999 9 0 0 0 0 0 9
$40,000 to $49,999 33 0 0 0 0 5 29
$50,000 to $59,999 19 0 0 0 0 2 17
$60,000 to $79,999 55 7 0 0 0 7 42
$80,000 to $99,999 26 0 0 0 0 4 22
$100,000 to $149,999 58 11 0 0 0 5 42
$150,000 to $199,999 28 2 0 0 0 3 23
$200,000 to $249,999 11 0 0 0 0 0 11
$250,000 to $299,999 4 0 0 0 0 0 4
$300,000 or more 4 0 0 0 0 0 4
Not reported 2 0 0 0 0 0 2
Median 83465 113727 0 0 0 79525 81557
Mean 101242 103886 0 0 0 92265 102110

Total Mortgage Loan

Less than $20,000		 3 0 0 0 0 0 3
$20,000 to $29,999 3 0 0 0 0 0 3
$30,000 to $39,999 9 0 0 0 0 0 9
$40,000 to $49,999 30 0 0 0 0 5 25
$50,000 to $59,999 23 0 0 0 0 2 21
$60,000 to $79,999 49 7 0 0 0 7 36
$80,000 to $99,999 26 0 0 0 0 4 22
$100,000 to $149,999 57 10 0 0 0 5 42
$150,000 to $199,999 32 2 0 0 0 3 26
$200,000 to $249,999 11 0 0 0 0 0 11
$250,000 to $299,999 7 0 0 0 0 0 7
$300,000 or more 4 0 0 0 0 0 4
Not reported 2 0 0 0 0 0 2
Median 87877 114617 0 0 0 79525 86887
Mean 105268 105946 0 0 0 92265 106815

Traditional First Mortgage Outstanding
Debt

Less than $10,000		 14 0 0 0 0 3 11
$10,000 to $19,999 1 0 0 0 0 0 1
$20,000 to $29,999 3 0 0 0 0 0 3
$30,000 to $39,999 16 0 0 0 0 0 16
$40,000 to $49,999 41 3 0 0 0 6 31
$50,000 to $59,999 32 0 0 0 0 0 32
$60,000 to $79,999 28 3 0 0 0 4 21
$80,000 to $99,999 33 3 0 0 0 4 25
$100,000 to $149,999 57 8 0 0 0 5 44
$150,000 to $199,999 20 2 0 0 0 3 16
$200,000 to $249,999 0 0 0 0 0 0 0
$250,000 to $299,999 4 0 0 0 0 0 4
$300,000 or more 4 0 0 0 0 0 4
Not reported 2 0 0 0 0 0 2
Median 73508 97807 0 0 0 79162 68660
Mean 87870 94827 0 0 0 81415 88028

Total Mortgage Outstanding Debt

Less than $10,000		 14 0 0 0 0 3 11
$10,000 to $19,999 1 0 0 0 0 0 1
$20,000 to $29,999 3 0 0 0 0 0 3
$30,000 to $39,999 15 0 0 0 0 0 15
$40,000 to $49,999 39 3 0 0 0 6 29
$50,000 to $59,999 31 0 0 0 0 0 31
$60,000 to $79,999 27 3 0 0 0 4 20
$80,000 to $99,999 33 3 0 0 0 4 25
$100,000 to $149,999 59 7 0 0 0 5 46
$150,000 to $199,999 21 2 0 0 0 3 16
$200,000 to $249,999 3 0 0 0 0 0 3
$250,000 to $299,999 4 0 0 0 0 0 4
$300,000 or more 4 0 0 0 0 0 4
Not reported 2 0 0 0 0 0 2
Median 77430 97807 0 0 0 79162 73630
Mean 90860 96886 0 0 0 81415 91467

Current Interest Rate on First Mortgage

Less than 6.0 percent		 57 0 0 0 0 3 54
6.0 percent 3 0 0 0 0 0 3
6.1 to 6.4 percent 0 0 0 0 0 0 0
6.5 to 6.9 percent 20 0 0 0 0 3 18
7.0 percent 31 4 0 0 0 3 24
7.1 to 7.4 percent 17 0 0 0 0 6 10
7.5 to 7.9 percent 27 2 0 0 0 8 17
8.0 percent 7 0 0 0 0 0 7
8.1 to 8.4 percent 4 0 0 0 0 0 4
8.5 to 8.9 percent 12 0 0 0 0 0 12
9.0 percent 4 0 0 0 0 0 4
9.1 to 9.4 percent 2 2 0 0 0 0 0
9.5 to 9.9 percent 3 2 0 0 0 0 1
10.0 percent 0 0 0 0 0 0 0
10.1 to 10.4 percent 2 0 0 0 0 0 2
10.5 to 10.9 percent 3 3 0 0 0 0 0
11.0 percent 6 0 0 0 0 0 6
11.1 to 12.9 percent 4 4 0 0 0 0 0
13.0 percent 0 0 0 0 0 0 0
13.1 percent or more 52 2 0 0 0 2 48
Not reported 0 0 0 0 0 0 0
Median 7.5 9.8 0.0 0.0 0.0 7.3 7.4

Type of Interest Rate Buydown

Properties with interest rate
buydown		 4 0 0 0 0 0 4
Constant payment 0 0 0 0 0 0 0
3-2-1 buydown 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0
Not reported 4 0 0 0 0 0 4
Properties without interest
rate buydown		 115 6 0 0 0 20 89
Not reported 138 13 0 0 0 5 119

Term of First Mortgage

Less than 5 years		 4 0 0 0 0 2 2
5 years 1 0 0 0 0 0 1
6 to 9 years 0 0 0 0 0 0 0
10 years 5 0 0 0 0 3 2
11 to 14 years 0 0 0 0 0 0 0
15 years 30 0 0 0 0 0 30
16 to 19 years 0 0 0 0 0 0 0
20 years 14 0 0 0 0 0 14
21 to 24 years 0 0 0 0 0 0 0
25 years 9 0 0 0 0 4 5
26 to 29 years 0 0 0 0 0 0 0
30 years 79 19 0 0 0 14 45
More than 30 years 0 0 0 0 0 0 0
No stated term 114 0 0 0 0 3 111
Median 30 31 0 0 0 30 21

Unexpired Term of First Mortgage

Less than 5 years		 12 0 0 0 0 5 7
5 to 9 years 14 0 0 0 0 0 14
10 to 14 years 26 0 0 0 0 0 26
15 to 19 years 19 3 0 0 0 0 15
20 to 24 years 23 4 0 0 0 4 14
25 to 29 years 44 11 0 0 0 9 24
30 or more years 5 1 0 0 0 5 0
No stated term or not computed 114 0 0 0 0 3 111
Median 20 26 0 0 0 26 16

Holder of First Mortgage

Commercial bank or trust company		 39 2 0 0 0 2 36
Savings and loan association, federal
savings bank		 25 0 0 0 0 3 22
Mutual savings bank 28 0 0 0 0 5 23
Life insurance company 3 0 0 0 0 0 3
Mortgage banker or mortgage company 11 0 0 0 0 11 0
Federally-sponsored secondary market
agency or pool		 100 15 0 0 0 3 82
Conventional mortgage pool 0 0 0 0 0 0 0
Other federal agency 11 1 0 0 0 0 10
Real estate investment trust 3 0 0 0 0 0 3
Pension or retirement fund 0 0 0 0 0 0 0
Credit union 5 2 0 0 0 0 4
Finance company 5 0 0 0 0 2 3
State or municipal government or
housing finance agency		 14 0 0 0 0 0 14
Individual or individual's estate 7 0 0 0 0 0 7
Other 5 0 0 0 0 0 5

Servicer of First Mortgage

Commercial bank or trust company		 43 2 0 0 0 5 37
Savings and loan association, federal
savings bank		 28 0 0 0 0 3 25
Mutual savings bank 34 0 0 0 0 5 28
Life insurance company 3 0 0 0 0 0 3
Mortgage banker or mortgage company 110 16 0 0 0 13 81
Federally-sponsored secondary market
agency or pool		 0 0 0 0 0 0 0
Conventional mortgage pool 0 0 0 0 0 0 0
Other federal agency 10 0 0 0 0 0 10
Real estate investment trust 0 0 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0 0 0
Credit union 5 2 0 0 0 0 4
Finance company 3 0 0 0 0 0 3
State or municipal government or
housing finance agency		 8 0 0 0 0 0 8
Individual or individual's estate 7 0 0 0 0 0 7
Other 5 0 0 0 0 0 5

Holder's Acquisition of First Mortgage

Originated directly from borrower		 156 10 0 0 0 21 125
Purchased from present servicer 48 5 0 0 0 5 38
Purchased from someone else 53 4 0 0 0 0 48
Not reported 0 0 0 0 0 0 0

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase 		203 19 0 0 0 11 174
Less than 40 percent 11 0 0 0 0 0 11
40 to 49 percent 6 0 0 0 0 0 6
50 to 59 percent 9 0 0 0 0 3 6
60 to 69 percent 23 1 0 0 0 0 22
70 to 79 percent 35 0 0 0 0 0 35
80 to 89 percent 25 1 0 0 0 0 24
90 to 94 percent 17 2 0 0 0 5 11
95 to 99 percent 2 0 0 0 0 0 2
100 percent or more 74 15 0 0 0 3 55
Not reported 2 0 0 0 0 0 2
Median 87 38391 0 0 0 93 83
Other properties 53 1 0 0 0 15 38
Not available 0 0 0 0 0 0 0

First Mortgage Loan as a Percent
of Value

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase		 203 19 0 0 0 11 174
Less than 40 percent 10 0 0 0 0 0 10
40 to 49 percent 0 0 0 0 0 0 0
50 to 59 percent 3 0 0 0 0 0 3
60 to 69 percent 42 1 0 0 0 0 42
70 to 79 percent 40 0 0 0 0 0 40
80 to 89 percent 33 1 0 0 0 5 27
90 to 94 percent 13 2 0 0 0 3 8
95 to 99 percent 6 4 0 0 0 0 2
100 percent or more 53 11 0 0 0 3 39
Not reported 2 0 0 0 0 0 2
Median 81 1481 0 0 0 91 78
Other properties 53 1 0 0 0 15 38
Not available 0 0 0 0 0 0 0

First Mortgage Risk

Subprime loan		 13 3 0 0 0 0 10
Not subprime loan 244 16 0 0 0 26 202
Not reported 0 0 0 0 0 0 0

Total Mortgage Loan as a Percent of
Purchase Price

Properties acquired by purchase
with first mortgage made or
assumed at time of purchase		 203 19 0 0 0 11 174
Less than 40 percent 11 0 0 0 0 0 11
40 to 49 percent 1 0 0 0 0 0 1
50 to 59 percent 9 0 0 0 0 3 6
60 to 69 percent 21 0 0 0 0 0 21
70 to 79 percent 33 0 0 0 0 0 33
80 to 89 percent 20 1 0 0 0 0 19
90 to 94 percent 17 2 0 0 0 5 11
95 to 99 percent 6 0 0 0 0 0 6
100 percent or more 83 16 0 0 0 3 64
Not reported 2 0 0 0 0 0 2
Median 92 40964 0 0 0 93 87
Other properties 53 1 0 0 0 15 38
Not available 0 0 0 0 0 0 0

Total Mortgage Loan as Percent
of Value

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase		 203 19 0 0 0 11 174
Less than 40 percent 41 0 0 0 0 6 34
40 to 49 percent 15 0 0 0 0 5 10
50 to 59 percent 19 0 0 0 0 0 19
60 to 69 percent 36 5 0 0 0 0 30
70 to 79 percent 27 4 0 0 0 0 22
80 to 89 percent 19 3 0 0 0 0 16
90 to 94 percent 8 0 0 0 0 0 8
95 to 99 percent 14 4 0 0 0 0 10
100 percent or more 24 2 0 0 0 0 22
Not reported 2 0 0 0 0 0 2
Median 67 80 0 0 0 35 67
Other properties 53 1 0 0 0 15 38
Not available 0 0 0 0 0 0 0

Total Outstanding Debt as a Percent
of Value

Less than 20 percent		 18 0 0 0 0 4 15
20 to 29 percent 30 0 0 0 0 3 27
30 to 39 percent 22 0 0 0 0 3 19
40 to 49 percent 28 3 0 0 0 6 18
50 to 59 percent 45 2 0 0 0 4 39
60 to 69 percent 39 1 0 0 0 6 32
70 to 79 percent 21 3 0 0 0 0 17
80 to 89 percent 19 8 0 0 0 0 11
90 to 99 percent 19 0 0 0 0 0 19
100 percent or more 13 2 0 0 0 0 12
Not reported or not computed 2 0 0 0 0 0 2
Median 57 80 0 0 0 46 57

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage		 49 4 0 0 0 0 45
Treasury security 16 0 0 0 0 0 16
Average cost of funds in bank district 2 0 0 0 0 0 2
National average cost of funds 0 0 0 0 0 0 0
OTS contract mortgage rate 0 0 0 0 0 0 0
Other method 6 1 0 0 0 0 5
No index used 0 0 0 0 0 0 0
Not reported 26 3 0 0 0 0 22
Other properties 207 15 0 0 0 26 167
Not reported 0 0 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage		 49 4 0 0 0 0 45
Monthly 3 0 0 0 0 0 3
Every 3 months 0 0 0 0 0 0 0
Every 6 months 0 0 0 0 0 0 0
Yearly 19 0 0 0 0 0 19
Every 3 years 2 0 0 0 0 0 2
Every 5 years 3 0 0 0 0 0 3
Other 1 1 0 0 0 0 0
Not reported 21 3 0 0 0 0 17
Other properties 207 15 0 0 0 26 167
Not reported 0 0 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage		 49 4 0 0 0 0 45
Less than 1 percent 3 0 0 0 0 0 3
1 percent 0 0 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0 0 0
2 percent 14 0 0 0 0 0 14
2.1 to 2.9 percent 0 0 0 0 0 0 0
3 percent 2 0 0 0 0 0 2
3.1 to 3.9 percent 0 0 0 0 0 0 0
4.0 percent or more 1 1 0 0 0 0 0
No caps 10 0 0 0 0 0 10
Not reported 19 3 0 0 0 0 16
Other properties 207 15 0 0 0 26 167
Not reported 0 0 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage		 49 4 0 0 0 0 45
Less than 1 percent 3 0 0 0 0 0 3
1 percent 0 0 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0 0 0
2 percent 0 0 0 0 0 0 0
2.1 to 2.9 percent 0 0 0 0 0 0 0
3 percent 1 1 0 0 0 0 0
3.1 to 3.9 percent 0 0 0 0 0 0 0
4.0 percent or more 16 0 0 0 0 0 16
No caps 9 0 0 0 0 0 9
Not reported 21 3 0 0 0 0 17
Other properties 207 15 0 0 0 26 167
Not reported 0 0 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage		 49 4 0 0 0 0 45
Yes, rate has changed 25 1 0 0 0 0 24
No change since mortgage made 6 0 0 0 0 0 6
Not reported 19 3 0 0 0 0 16
Other properties 207 15 0 0 0 26 167
Not reported 0 0 0 0 0 0 0

Change in Monthly Interest and Principal
Payments Other Than Change in Interest
Rate

Monthly payments can change
(other than change in interest
ra 		0 0 0 0 0 0 0
Payments can change monthly 0 0 0 0 0 0 0
Payments can change every three months 0 0 0 0 0 0 0
Payments can change every six months 0 0 0 0 0 0 0
Payments can change yearly 0 0 0 0 0 0 0
Payments can change every 3 years 0 0 0 0 0 0 0
Payments can change every 5 years 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
Monthly payments cannot
change		 236 16 0 0 0 26 194
Not reported 21 3 0 0 0 0 18

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)		 0 0 0 0 0 0 0
Yes, unrestricted negative amortization 0 0 0 0 0 0 0
Yes, restricted negative amortization 0 0 0 0 0 0 0
No negative amortization allowed 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
Monthly payments cannot change 236 16 0 0 0 26 194
Not reported 21 3 0 0 0 0 18

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal		 247 18 0 0 0 26 203
Interest and principal 247 18 0 0 0 26 203
Fully amortized 232 18 0 0 0 23 192
Not fully amortized 15 1 0 0 0 3 11
Interest only 0 0 0 0 0 0 0
No regular payments required 3 0 0 0 0 0 3
Not reported 7 1 0 0 0 0 6

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal		 247 18 0 0 0 26 203
Real estate taxes 80 6 0 0 0 13 60
Property insurance 41 6 0 0 0 9 27
Mortgage insurance 15 5 0 0 0 10 0
Other 19 4 0 0 0 0 14
No items included or not reported 167 12 0 0 0 12 143
No regular payments of interest
and principal		 10 1 0 0 0 0 9

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal		 254 19 0 0 0 26 208
Less than $100 2 0 0 0 0 0 2
$100 to $199 45 1 0 0 0 6 38
$200 to $299 53 2 0 0 0 5 45
$300 to $399 72 12 0 0 0 11 49
$400 to $499 24 1 0 0 0 1 23
$500 to $599 19 2 0 0 0 0 17
$600 to $699 21 1 0 0 0 3 17
$700 to $799 5 0 0 0 0 0 5
$800 to $899 0 0 0 0 0 0 0
$900 to $999 0 0 0 0 0 0 0
$1,000 to $1,249 3 0 0 0 0 0 3
$1,250 to $1,499 1 0 0 0 0 0 1
$1,500 or more 3 0 0 0 0 0 3
Not reported 7 1 0 0 0 0 6
Median 333 351 0 0 0 314 332
Mean 371 354 0 0 0 301 381
No regular payments required 3 0 0 0 0 0 3

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest		 254 19 0 0 0 26 208
Up-to-date, ahead of schedule, or
less than 90 days past due		 129 6 0 0 0 23 100
Delinquent by 90 days or more 0 0 0 0 0 0 0
Legal proceedings have begun 0 0 0 0 0 0 0
Legal proceedings have not begun 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
Not reported 125 13 0 0 0 3 108
Other properties 3 0 0 0 0 0 3

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal		 254 19 0 0 0 26 208
Less than $100 9 1 0 0 0 0 8
$100 to $199 43 1 0 0 0 6 36
$200 to $299 46 2 0 0 0 5 39
$300 to $399 76 12 0 0 0 11 53
$400 to $499 22 1 0 0 0 1 21
$500 to $599 25 2 0 0 0 0 23
$600 to $699 21 1 0 0 0 3 17
$700 to $799 2 0 0 0 0 0 2
$800 to $899 3 0 0 0 0 0 3
$900 to $999 0 0 0 0 0 0 0
$1,000 to $1,249 3 0 0 0 0 0 3
$1,250 to $1,499 1 0 0 0 0 0 1
$1,500 or more 3 0 0 0 0 0 3
Not reported 0 0 0 0 0 0 0
Median 337 347 0 0 0 314 340
Mean 371 338 0 0 0 301 383
No regular payments required 3 0 0 0 0 0 3

Interest and Principal Payment on
First Mortgage as Percent of Rental
Receipts

Acquired before 2000 and
regular payments of interest
and/or princi 		206 15 0 0 0 21 170
Less than 20 percent 1 0 0 0 0 1 0
20 to 29 percent 19 0 0 0 0 0 19
30 to 39 percent 9 0 0 0 0 0 9
40 to 49 percent 21 4 0 0 0 2 15
50 to 59 percent 28 0 0 0 0 4 23
60 to 69 percent 52 7 0 0 0 4 41
70 to 79 percent 11 0 0 0 0 0 11
80 to 89 percent 14 0 0 0 0 3 11
90 to 99 percent 8 1 0 0 0 5 3
100 percent or more 34 3 0 0 0 3 29
Not reported or not computed 10 0 0 0 0 0 10
Median 64 64 0 0 0 70 64
Other properties 50 4 0 0 0 5 41

Interest and Principal Payment on Total
Mortgages as Percent of Rental Receipts

Acquired before 2000 and regular
payments of interest and/or
principal 		206 15 0 0 0 21 170
Less than 20 percent 1 0 0 0 0 1 0
20 to 29 percent 17 0 0 0 0 0 17
30 to 39 percent 9 0 0 0 0 0 9
40 to 49 percent 18 4 0 0 0 2 12
50 to 59 percent 28 0 0 0 0 4 23
60 to 69 percent 50 7 0 0 0 4 39
70 to 79 percent 11 0 0 0 0 0 11
80 to 89 percent 13 0 0 0 0 3 10
90 to 99 percent 15 1 0 0 0 5 10
100 percent or more 34 3 0 0 0 3 29
Not reported or not computed 10 0 0 0 0 0 10
Median 65 64 0 0 0 70 65
Other properties 50 4 0 0 0 5 41

Real Estate Tax Per Housing Unit

Acquired before 2000		 215 15 0 0 0 21 179
Less than $100 8 1 0 0 0 0 7
$100 to $199 0 0 0 0 0 0 0
$200 to $299 3 1 0 0 0 0 2
$300 to $399 7 0 0 0 0 0 7
$400 to $499 26 2 0 0 0 3 21
$500 to $599 4 0 0 0 0 2 2
$600 to $699 17 0 0 0 0 3 14
$700 to $799 18 0 0 0 0 4 14
$800 to $899 16 2 0 0 0 0 14
$900 to $999 22 0 0 0 0 0 22
$1,000 to $1,249 23 2 0 0 0 0 21
$1,250 to $1,499 22 4 0 0 0 5 13
$1,500 to $1,999 25 3 0 0 0 4 17
$2,000 to $2,499 13 0 0 0 0 0 13
$2,500 or more 11 0 0 0 0 1 10
Not reported 1 0 0 0 0 0 1
Median 939 1255 0 0 0 784 933
Mean 1082 1043 0 0 0 1095 1084
Acquired 2000 and 2001 (part) 42 4 0 0 0 5 33

Real Estate Tax Per $1,000 Value

Acquired before 2000		 215 15 0 0 0 21 179
Less than $5 13 1 0 0 0 3 10
$5 to $9 47 5 0 0 0 0 42
$10 to $14 25 0 0 0 0 1 25
$15 to $19 29 1 0 0 0 8 20
$20 to $24 28 5 0 0 0 4 18
$25 to $29 30 0 0 0 0 5 25
$30 to $39 42 3 0 0 0 0 39
$40 to $49 0 0 0 0 0 0 0
$50 to $59 0 0 0 0 0 0 0
$60 or more 0 0 0 0 0 0 0
Not reported or not computed 1 0 0 0 0 0 1
Median 19 21 0 0 0 19 18
Acquired 2000 and 2001 (part) 42 4 0 0 0 5 33

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000		 215 15 0 0 0 21 179
Less than 5 percent 9 1 0 0 0 0 8
5 to 9 percent 41 3 0 0 0 1 38
10 to 14 percent 51 4 0 0 0 8 38
15 to 19 percent 31 3 0 0 0 3 25
20 to 24 percent 15 0 0 0 0 0 15
25 to 29 percent 21 3 0 0 0 4 13
30 to 34 percent 4 0 0 0 0 0 4
35 to 39 percent 1 0 0 0 0 0 1
40 percent or more 31 1 0 0 0 5 25
Not reported or not computed 12 0 0 0 0 0 12
Median 15 14 0 0 0 18 15
Acquired 2000 and 2001 (part) 42 4 0 0 0 5 33

Source: U.S. Census Bureau | Residential Finance Survey |  Last Revised: 2012-08-02T15:15:13.203-04:00