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Residential Finance Survey: 2001 - Midwest
Table 5-3c. 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
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
330 29 12 5 10 18 256

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
271 21 9 5 10 17 209
In central cities 179 9 7 5 5 10 142
Not in central cities 92 12 2 0 4 7 67
Outside MAs 59 8 2 0 0 1 47

Number of Housing Units

2 housing units
243 23 9 5 3 11 192
3 housing units 34 3 0 0 3 2 26
4 housing units 53 4 2 0 3 5 39

Manner of Acquisition

By purchase
317 29 12 5 10 15 246
Placed one new mortgage 281 19 12 5 10 13 223
Placed two or more new mortgages 13 1 0 0 0 2 10
Assumed mortgage(s) already on property 18 6 0 0 0 0 12
Assumed mortgage(s) already on property
and placed new mortgage
3 3 0 0 0 0 0
Borrowed using assets other than this
property as collateral
1 0 0 0 0 0 1
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 8 0 0 0 0 3 5
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 1 0 0 0 0 0 1
Not reported 4 0 0 0 0 0 4

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
173 16 8 0 3 14 131
Sale of stock or other partnership
shares for this project
9 0 0 0 0 0 9
Sale of previously owned stocks,
shares, or other securities
13 0 0 0 0 0 13
Sale of land or other real estate 18 3 0 0 0 3 13
Owner's cash, bank deposits,
share accounts, or bonds
93 3 8 0 0 10 72
Borrowing from a retirement plan 3 0 0 0 0 3 0
Borrowing using assets other than this
property as collateral
13 0 0 0 0 0 13
Proceeds from an insurance policy 0 0 0 0 0 0 0
From a state or local government source 3 0 3 0 0 0 0
From a non-profit organization 0 0 0 0 0 0 0
Proceeds from sale of tax credits 0 0 0 0 0 0 0
From parents or relatives 7 0 3 0 3 0 0
Other cash source 9 0 2 0 0 0 7
Non-cash source 4 0 0 0 0 0 4
No downpayment required 14 9 0 0 0 0 5
Not reported 9 1 0 0 0 1 6
Other properties 154 13 3 5 6 4 122
Not reported 3 0 0 0 0 0 3

Year Property Acquired

1999 to 2001 (part)
99 12 6 0 0 11 70
1997 and 1998 50 0 3 0 0 3 44
1995 and 1996 30 4 0 0 3 2 20
1990 to 1994 68 4 1 0 0 0 63
1985 to 1989 43 9 0 0 2 0 33
1980 to 1984 22 0 0 3 3 0 16
1975 to 1979 12 0 0 2 1 1 8
1970 to 1974 5 0 2 0 0 0 3
1969 or earlier 0 0 0 0 0 0 0

Building and Land Acquisition

Acquired at same time
295 29 12 5 6 18 225
Not acquired at same time 30 0 0 0 3 0 27
Land not owned by building owner 1 0 0 0 0 0 1
Not reported 3 0 0 0 0 0 3

Property New or Previously Owned When
Acquired

Acquired by purchase
317 29 12 5 10 15 246
New 42 6 2 0 3 0 31
Previously owned 258 23 6 5 6 15 202
As residential property 239 20 6 5 6 13 189
Converted from nonresidential use 19 4 0 0 0 2 13
Other 7 0 0 0 0 0 7
Not reported 9 0 3 0 0 0 6
Other properties 9 0 0 0 0 3 6
Not reported 4 0 0 0 0 0 4

Year Structure Built

1999 to March 2000
5 1 0 0 0 0 4
1997 and 1998 8 0 0 0 0 0 8
1995 and 1996 2 0 0 0 0 0 2
1990 to 1994 20 0 0 0 0 5 15
1980 to 1989 31 9 0 0 3 0 19
1970 to 1979 29 0 4 0 0 0 25
1960 to 1969 44 7 1 0 1 3 32
1950 to 1959 32 4 0 0 3 3 22
1940 to 1949 21 0 3 0 0 1 18
1939 or earlier 136 8 3 5 2 6 111

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
143 12 8 0 0 12 111
Less than $20,000 24 3 0 0 0 2 19
$20,000 to $39,999 49 5 3 0 0 4 36
$40,000 to $59,999 30 4 2 0 0 0 24
$60,000 to $79,999 21 0 3 0 0 0 18
$80,000 to $99,999 9 0 0 0 0 5 4
$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 3 0 0 0 0 0 3
$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 5 0 0 0 0 0 5
Median 39781 32316 53739 0 0 36903 40586
Mean 72948 30253 49527 0 0 55287 81238
Other properties 186 17 3 5 10 6 145

Value

Less than $20,000
1 0 0 0 0 0 1
$20,000 to $39,999 18 0 0 3 0 0 15
$40,000 to $59,999 38 7 2 0 3 2 23
$60,000 to $79,999 40 0 3 0 0 1 36
$80,000 to $99,999 35 5 0 0 0 3 27
$100,000 to $124,999 47 0 2 0 0 0 45
$125,000 to $149,999 47 5 3 0 0 3 35
$150,000 to $174,999 11 0 0 0 3 1 6
$175,000 to $199,999 25 3 0 0 0 5 16
$200,000 to $249,999 29 9 0 0 1 2 17
$250,000 to $299,999 14 0 0 0 0 0 14
$300,000 to $499,999 10 0 0 2 2 0 6
$500,000 or more 16 0 1 0 0 0 15
Median 117570 136347 111356 37530 161948 144893 114414
Mean 163932 137515 135690 191787 169842 136214 169393

Value Per Housing Unit@8

Less than $20,000
36 4 2 3 3 4 20
$20,000 to $39,999 89 5 3 0 0 2 79
$40,000 to $59,999 59 4 2 0 1 5 47
$60,000 to $79,999 67 4 3 0 3 3 54
$80,000 to $99,999 32 3 0 0 2 5 21
$100,000 to $124,999 21 9 0 0 0 0 12
$125,000 to $149,999 11 0 0 0 0 0 11
$150,000 to $174,999 1 0 0 0 0 0 1
$175,000 to $199,999 0 0 0 0 0 0 0
$200,000 to $249,999 2 0 0 2 0 0 0
$250,000 to $299,999 4 0 1 0 0 0 3
$300,000 to $499,999 0 0 0 0 0 0 0
$500,000 or more 9 0 0 0 0 0 9
Median 53606 65968 49085 17530 62581 56551 52291
Mean 71860 65347 65537 95894 56559 56885 74036

Purchase Price as Percent of Value@8

Acquired by purchase
317 29 12 5 10 15 246
Purchased 1997 to 2001 (part) 143 12 8 0 0 12 111
Less than 60 percent 22 4 0 0 0 0 18
60 to 69 percent 3 0 0 0 0 0 3
70 to 79 percent 32 0 0 0 0 2 30
80 to 99 percent 70 7 8 0 0 9 46
100 percent or more 16 1 0 0 0 0 14
Median 84 86 90 0 0 88 82
Purchased 1990 to 1996 (part) 97 9 1 0 3 2 82
Less than 40 percent 7 3 0 0 0 2 2
40 to 59 percent 15 0 0 0 0 0 15
60 to 79 percent 52 4 0 0 3 0 45
80 to 99 percent 8 1 1 0 0 0 5
100 percent or more 14 0 0 0 0 0 14
Median 70 67 90 0 70 20 71
Purchased 1989 or earlier 77 9 2 5 6 1 53
Less than 20 percent 4 0 0 2 2 0 0
20 to 39 percent 17 0 0 0 0 0 17
40 to 59 percent 22 0 0 0 4 0 18
60 to 79 percent 9 0 0 0 0 0 9
80 to 99 percent 6 3 2 0 0 1 0
100 percent or more 18 6 0 3 0 0 9
Median 55 1738 90 860 45 90 50
Not acquired by purchase 13 0 0 0 0 3 10

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
185 17 3 0 10 8 146
Less than $500 7 3 0 0 0 0 5
$500 to $999 12 0 0 0 0 0 12
$1,000 to $2,499 36 0 3 0 0 0 33
$2,500 to $4,999 31 4 0 0 3 3 21
$5,000 to $7,499 44 4 0 0 6 0 34
$7,500 to $9,999 2 0 0 0 0 0 2
$10,000 to $14,999 29 4 0 0 0 0 25
$15,000 to $19,999 8 0 0 0 0 5 3
$20,000 to $29,999 8 3 0 0 0 0 5
$30,000 or more 6 0 0 0 0 0 6
Median 5311 6326 1750 0 5607 16098 5175
Mean 7293 8412 1132 0 5156 12184 7162
Properties with no capital
improvements between 1998 and 2000
88 5 2 3 0 9 69
Capital improvements not
reported
57 7 6 2 0 0 41

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
185 17 3 0 10 8 146
Less than $500 20 3 0 0 0 0 17
$500 to $999 15 0 3 0 0 0 12
$1,000 to $2,499 63 4 0 0 6 3 49
$2,500 to $4,999 47 4 0 0 3 3 37
$5,000 to $7,499 27 4 0 0 0 2 20
$7,500 to $9,999 0 0 0 0 0 0 0
$10,000 to $14,999 8 3 0 0 0 0 5
$15,000 to $19,999 0 0 0 0 0 0 0
$20,000 to $29,999 5 0 0 0 0 0 5
$30,000 or more 0 0 0 0 0 0 0
Median 2369 3826 750 0 2128 3451 2334
Mean 3190 4131 566 0 1974 3825 3182
Properties with no capital
improvements between 1998 and 2000
88 5 2 3 0 9 69
Capital improvements not
reported
57 7 6 2 0 0 41

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
275 21 8 5 10 12 219
Less than $100 11 0 0 0 0 0 11
$100 to $199 20 1 4 3 0 0 11
$200 to $299 31 0 3 0 0 1 27
$300 to $399 51 8 0 0 3 2 38
$400 to $499 38 0 0 0 3 5 29
$500 to $599 33 0 0 0 0 0 33
$600 to $799 33 3 0 0 0 0 30
$800 to $999 32 3 0 2 3 1 23
$1000 or more 16 6 1 0 0 2 7
No rental receipts 10 0 0 0 0 0 10
Median 452 681 194 188 449 451 459
Mean 480 677 519 445 512 547 455
Acquired 2000 and 2001 (part) 55 8 3 0 0 6 37

Rental Receipts as Percent of Value@8

Acquired before 2000
275 21 8 5 10 12 219
Less than 5 percent 20 0 2 0 0 0 18
5 to 9 percent 50 3 0 2 2 5 38
10 to 14 percent 140 14 6 3 4 2 111
15 to 19 percent 32 4 0 0 0 1 27
20 to 24 percent 13 0 0 0 3 0 9
25 to 29 percent 2 0 0 0 0 1 1
30 to 39 percent 3 0 0 0 0 0 3
40 percent or more 4 0 0 0 0 2 2
Median 12 13 12 11 13 12 12
Acquired 2000 and 2001 (part) 55 8 3 0 0 6 37

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
275 21 8 5 10 12 219
Less than 1.0 percent 97 6 2 0 3 7 78
1.0 to 2.9 percent 7 0 1 0 0 1 5
3.0 to 4.9 percent 0 0 0 0 0 0 0
5.0 to 6.9 percent 8 1 0 0 3 0 3
7.0 to 8.9 percent 18 0 0 2 0 1 15
9.0 to 10.9 percent 19 0 0 0 0 2 17
11.0 to 12.9 percent 10 0 0 0 0 0 10
13.0 to 14.9 percent 4 4 0 0 0 0 0
15.0 percent or more 46 4 0 3 2 0 37
Not reported or not computed 66 6 5 0 1 0 54
Median 5.1 13.3 0.8 25.5 5.6 0.8 2.7
Acquired 2000 and 2001 (part) 55 8 3 0 0 6 37

Age Restrictions

Property restricted to people
age 55 or older
83 3 3 2 1 8 66
Property not restricted to people
age 55 or older
238 27 6 3 8 10 184
Not reported 9 0 3 0 0 0 6

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
2 0 0 0 0 2 0
Government rental subsidy 15 0 0 0 0 2 13
Government grant 5 0 3 0 0 2 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 283 29 7 5 8 16 218
Not reported 28 0 2 0 1 0 25

Source of Property Benefits@1

With property benefits
18 0 3 0 0 2 13
Federal government 4 0 0 0 0 2 2
State government 5 0 0 0 0 0 5
Local government 11 0 3 0 0 2 6
Non-profit corporation 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
With no property benefits 283 29 7 5 8 16 218
Not reported 28 0 2 0 1 0 25

Reason for Benefits@1

With property benefits
18 0 3 0 0 2 13
Occupied by low- or moderate-income
individuals
15 0 0 0 0 2 13
Occupied by elderly or disabled
individuals
3 0 0 0 0 0 3
A historic structure 0 0 0 0 0 0 0
Located in a community development or
economic development area
3 0 3 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 283 29 7 5 8 16 218
Not reported 28 0 2 0 1 0 25

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
259 25 9 2 6 14 202
Limited partnership 38 1 0 3 3 0 31
Joint venture 5 3 0 0 0 2 0
General partnership 2 0 2 0 0 0 0
Life insurance company 0 0 0 0 0 0 0
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
19 0 0 0 0 2 17
Housing cooperative organization 4 0 0 0 0 0 4
Non-profit or church-related institution 2 0 0 0 0 0 2
Pension fund 0 0 0 0 0 0 0
Fraternal organization 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0

MORTGAGE CHARACTERISTICS


Number of Mortgages

1 mortgage
284 29 9 5 6 11 224
2 mortgages 41 0 3 0 3 5 30
3 or more mortgages 4 0 0 0 0 2 2

Form of Debt of First Mortgage

Mortgage or deed of trust
330 29 12 5 10 18 256
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 16 0 0 2 0 5 9
By regular mail 4 3 0 0 1 0 0
By personal visit 253 20 5 3 5 13 207
Through third party (such as real
estate agent or builder)
30 5 6 0 3 0 16
Some other way 3 0 0 0 0 0 3
Not reported 15 1 0 0 0 0 13
Not available 8 0 0 0 0 0 8

Origin of First Mortgage

Mortgage made at time property acquired
269 17 12 5 10 17 210
Mortgage assumed at the time property
acquired
19 6 0 0 0 0 13
Mortgage placed later than acquisition of
property
41 7 0 0 0 1 33
Refinanced mortgage 41 7 0 0 0 1 33
Same lender 18 3 0 0 0 0 15
Different lender 24 4 0 0 0 1 18
Mortgage placed on property
owned free and clear of debt
0 0 0 0 0 0 0
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
41 7 0 0 0 1 33
Obtain lower interest rate 25 7 0 0 0 0 18
Increase payment period for mortgage 0 0 0 0 0 0 0
Reduce payment period for mortgage 5 0 0 0 0 1 4
Renew or extend loan that had fallen
due, without increasing outstanding
balance
0 0 0 0 0 0 0
Receive cash or increase outstanding
balance of loan
6 0 0 0 0 0 6
Other reason 5 0 0 0 0 0 5
Not reported 0 0 0 0 0 0 0
Other properties 288 22 12 5 10 17 223
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
10 0 0 0 0 0 10
Less than $20,000 8 0 0 0 0 0 8
$20,000 to $39,999 0 0 0 0 0 0 0
$40,000 to $59,999 2 0 0 0 0 0 2
$60,000 to $79,999 0 0 0 0 0 0 0
$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 13051 0 0 0 0 0 13051
Mean 18852 0 0 0 0 0 18852
Properties that refinanced
and did not receive cash back
26 7 0 0 0 1 18
Properties that refinanced
and did not report if received
cash back
5 0 0 0 0 0 5
Properties that did not
refinance
288 22 12 5 10 17 223
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
10 0 0 0 0 0 10
For additions, improvements or repairs
to this property
8 0 0 0 0 0 8
To consolidate debts 0 0 0 0 0 0 0
For investment in other real estate 2 0 0 0 0 0 2
For other types of investments 3 0 0 0 0 0 3
For educational or medical expenses 0 0 0 0 0 0 0
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
0 0 0 0 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
0 0 0 0 0 0 0
Other 2 0 0 0 0 0 2
Not reported 0 0 0 0 0 0 0
Properties that refinanced
and did not receive cash back
26 7 0 0 0 1 18
Properties that refinanced
and did not report if received
cash back
5 0 0 0 0 0 5
Properties that did not
refinance
288 22 12 5 10 17 223
Not available 0 0 0 0 0 0 0

Purpose of Second Mortgage

Properties with second
mortgage
29 0 3 0 3 2 21
Provide funds for the purchase of this
property
14 0 3 0 0 2 10
Provide funds for additions,
improvements or repairs to this
property
8 0 0 0 3 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 6 0 0 0 0 0 6
Other properties 301 29 9 5 6 16 235

Purpose of Home Equity Line of Credit

Properties with home equity
line of credit
16 0 0 0 0 5 11
Provide funds for additions,
improvements or repairs to this
property
3 0 0 0 0 0 3
Provide funds for consolidation of debts 0 0 0 0 0 0 0
Provide funds for investment in other
real estate
2 0 0 0 0 0 2
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 6 0 0 0 0 0 6
Not reported 5 0 0 0 0 5 0
Other properties 313 29 12 5 10 13 245

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
123 19 6 0 0 12 85
1997 and 1998 68 0 3 0 0 2 63
1995 and 1996 34 3 0 0 3 2 26
1990 to 1994 59 7 1 0 0 0 51
1985 to 1989 23 0 0 0 2 0 21
1980 to 1984 12 0 0 3 3 0 6
1979 or earlier 11 0 2 2 1 1 4

Traditional First Mortgage Loan

Less than $20,000
25 0 0 0 0 2 23
$20,000 to $29,999 28 6 0 3 3 0 16
$30,000 to $39,999 34 1 0 0 0 0 33
$40,000 to $49,999 18 0 0 0 0 4 14
$50,000 to $59,999 23 4 3 0 0 0 17
$60,000 to $79,999 54 4 0 0 3 3 44
$80,000 to $99,999 42 4 2 0 0 2 34
$100,000 to $149,999 62 4 3 0 1 2 52
$150,000 to $199,999 20 6 0 0 2 5 7
$200,000 to $249,999 7 0 0 2 0 0 5
$250,000 to $299,999 0 0 0 0 0 0 0
$300,000 or more 13 0 1 0 0 0 11
Not reported 4 0 2 0 0 0 2
Median 72810 77676 98922 28765 69558 78301 71507
Mean 87738 84928 125873 115643 78832 92078 86122

Total Mortgage Loan

Less than $20,000
25 0 0 0 0 2 23
$20,000 to $29,999 24 6 0 3 0 0 16
$30,000 to $39,999 37 1 0 0 3 0 33
$40,000 to $49,999 16 0 0 0 0 4 12
$50,000 to $59,999 21 4 3 0 0 0 15
$60,000 to $79,999 56 4 0 0 3 3 46
$80,000 to $99,999 35 4 2 0 0 0 29
$100,000 to $149,999 67 4 3 0 1 2 57
$150,000 to $199,999 21 6 0 0 2 5 8
$200,000 to $249,999 10 0 0 2 0 2 6
$250,000 to $299,999 0 0 0 0 0 0 0
$300,000 or more 13 0 1 0 0 0 11
Not reported 4 0 2 0 0 0 2
Median 73805 77676 98922 28765 69558 78301 72771
Mean 92496 84928 126371 115643 81217 107159 91042

Traditional First Mortgage Outstanding
Debt

Less than $10,000
24 0 0 0 0 0 24
$10,000 to $19,999 27 3 0 3 0 4 18
$20,000 to $29,999 32 3 0 0 3 0 26
$30,000 to $39,999 27 6 0 0 0 0 22
$40,000 to $49,999 20 0 3 0 1 3 13
$50,000 to $59,999 39 0 0 0 3 0 36
$60,000 to $79,999 47 8 0 0 0 5 35
$80,000 to $99,999 22 4 2 0 0 0 15
$100,000 to $149,999 55 0 3 2 2 2 46
$150,000 to $199,999 16 6 0 0 0 5 5
$200,000 to $249,999 4 0 0 0 0 0 4
$250,000 to $299,999 3 0 0 0 0 0 3
$300,000 or more 8 0 1 0 0 0 7
Not reported 4 0 2 0 0 0 2
Median 58215 68743 98922 18765 51291 70576 56706
Mean 76407 77196 119759 57806 59772 86917 74963

Total Mortgage Outstanding Debt

Less than $10,000
22 0 0 0 0 0 22
$10,000 to $19,999 29 3 0 3 0 4 20
$20,000 to $29,999 32 3 0 0 3 0 26
$30,000 to $39,999 27 6 0 0 0 0 22
$40,000 to $49,999 18 0 3 0 1 3 11
$50,000 to $59,999 39 0 0 0 3 0 36
$60,000 to $79,999 45 8 0 0 0 3 34
$80,000 to $99,999 19 4 2 0 0 0 12
$100,000 to $149,999 59 0 3 2 2 2 50
$150,000 to $199,999 18 6 0 0 0 5 7
$200,000 to $249,999 4 0 0 0 0 2 2
$250,000 to $299,999 3 0 0 0 0 0 3
$300,000 or more 10 0 1 0 0 0 8
Not reported 4 0 2 0 0 0 2
Median 58744 68743 98922 18765 51291 78301 57282
Mean 79751 77196 97731 57806 60107 101999 78842

Current Interest Rate on First Mortgage

Less than 6.0 percent
93 0 3 5 10 4 72
6.0 percent 3 0 0 0 0 0 3
6.1 to 6.4 percent 2 0 2 0 0 0 0
6.5 to 6.9 percent 19 6 0 0 0 5 8
7.0 percent 28 0 0 0 0 2 26
7.1 to 7.4 percent 9 0 0 0 0 0 9
7.5 to 7.9 percent 35 7 0 0 0 0 29
8.0 percent 16 0 0 0 0 0 16
8.1 to 8.4 percent 25 1 0 0 0 0 24
8.5 to 8.9 percent 8 0 0 0 0 0 8
9.0 percent 4 0 0 0 0 0 4
9.1 to 9.4 percent 7 0 0 0 0 1 6
9.5 to 9.9 percent 7 1 0 0 0 0 5
10.0 percent 8 0 0 0 0 3 6
10.1 to 10.4 percent 0 0 0 0 0 0 0
10.5 to 10.9 percent 0 0 0 0 0 0 0
11.0 percent 6 0 0 0 0 0 6
11.1 to 12.9 percent 15 7 6 0 0 0 1
13.0 percent 0 0 0 0 0 0 0
13.1 percent or more 43 7 0 0 0 3 34
Not reported 0 0 0 0 0 0 0
Median 7.6 9.8 11.2 3.0 3.0 7.0 7.7

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
126 12 0 0 0 9 104
Not reported 200 17 12 5 10 9 148

Term of First Mortgage

Less than 5 years
1 0 0 0 0 0 1
5 years 6 0 0 0 0 0 6
6 to 9 years 2 0 0 0 0 0 2
10 years 5 1 0 0 0 0 3
11 to 14 years 6 0 0 0 0 0 6
15 years 33 6 0 0 0 0 28
16 to 19 years 0 0 0 0 0 0 0
20 years 9 0 0 0 0 1 8
21 to 24 years 0 0 0 0 0 0 0
25 years 6 0 0 0 0 0 6
26 to 29 years 0 0 0 0 0 0 0
30 years 109 22 9 0 0 8 69
More than 30 years 2 0 2 0 0 0 0
No stated term 151 0 0 5 10 9 127
Median 30 30 31 0 0 30 30

Unexpired Term of First Mortgage

Less than 5 years
15 0 0 0 0 0 15
5 to 9 years 26 7 2 0 0 0 17
10 to 14 years 19 0 0 0 0 0 19
15 to 19 years 14 3 0 0 0 1 10
20 to 24 years 36 1 1 0 0 0 33
25 to 29 years 55 15 5 0 0 5 30
30 or more years 14 3 3 0 0 3 5
No stated term or not computed 151 0 0 5 10 9 127
Median 22 26 28 0 0 28 21

Holder of First Mortgage

Commercial bank or trust company
61 0 0 0 4 1 55
Savings and loan association, federal
savings bank
65 6 0 0 0 0 59
Mutual savings bank 11 0 0 0 0 0 11
Life insurance company 7 0 0 0 0 0 7
Mortgage banker or mortgage company 16 9 0 0 0 0 8
Federally-sponsored secondary market
agency or pool
108 4 12 3 2 14 74
Conventional mortgage pool 4 0 0 0 0 0 4
Other federal agency 3 0 0 0 3 0 0
Real estate investment trust 1 1 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0 0 0
Credit union 13 4 0 2 0 3 4
Finance company 5 4 0 0 0 0 1
State or municipal government or
housing finance agency
17 1 0 0 0 0 16
Individual or individual's estate 9 0 0 0 0 0 9
Other 9 0 0 0 0 0 9

Servicer of First Mortgage

Commercial bank or trust company
80 0 0 0 4 1 74
Savings and loan association, federal
savings bank
67 9 0 0 0 0 58
Mutual savings bank 11 0 0 0 0 0 11
Life insurance company 5 0 0 0 0 0 5
Mortgage banker or mortgage company 111 11 12 3 2 14 70
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 3 0 0 0 3 0 0
Real estate investment trust 0 0 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0 0 0
Credit union 13 4 0 2 0 3 4
Finance company 5 4 0 0 0 0 1
State or municipal government or
housing finance agency
17 1 0 0 0 0 16
Individual or individual's estate 9 0 0 0 0 0 9
Other 9 0 0 0 0 0 9

Holder's Acquisition of First Mortgage

Originated directly from borrower
173 6 10 5 1 9 141
Purchased from present servicer 85 4 1 0 3 8 69
Purchased from someone else 72 19 0 0 5 1 46
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
276 22 12 5 10 14 214
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 12 0 0 0 0 0 12
60 to 69 percent 28 6 0 3 0 4 16
70 to 79 percent 37 5 0 0 3 0 29
80 to 89 percent 49 3 3 0 3 0 39
90 to 94 percent 34 0 2 0 0 5 27
95 to 99 percent 19 0 0 0 1 0 18
100 percent or more 82 9 4 2 2 5 60
Not reported 3 0 2 0 0 0 1
Median 90 83 93 69 85 93 90
Other properties 53 7 0 0 0 4 42
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
276 22 12 5 10 14 214
Less than 40 percent 11 0 0 0 0 0 11
40 to 49 percent 4 0 0 0 0 0 4
50 to 59 percent 15 0 0 0 0 0 15
60 to 69 percent 57 6 0 3 0 4 45
70 to 79 percent 36 5 0 0 3 0 28
80 to 89 percent 40 3 3 0 3 3 28
90 to 94 percent 20 0 2 0 0 5 13
95 to 99 percent 14 0 0 0 1 0 13
100 percent or more 76 9 4 2 2 2 57
Not reported 3 0 2 0 0 0 1
Median 83 83 93 69 85 90 81
Other properties 53 7 0 0 0 4 42
Not available 0 0 0 0 0 0 0

First Mortgage Risk

Subprime loan
13 0 0 0 2 0 11
Not subprime loan 316 29 12 5 8 18 245
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
276 22 12 5 10 14 214
Less than 40 percent 11 0 0 0 0 0 11
40 to 49 percent 2 0 0 0 0 0 2
50 to 59 percent 9 0 0 0 0 0 9
60 to 69 percent 28 6 0 3 0 4 16
70 to 79 percent 30 5 0 0 0 0 25
80 to 89 percent 37 3 3 0 3 0 28
90 to 94 percent 39 0 2 0 0 5 31
95 to 99 percent 25 0 0 0 4 0 20
100 percent or more 92 9 4 2 2 5 71
Not reported 3 0 2 0 0 0 1
Median 92 83 93 69 97 93 92
Other properties 53 7 0 0 0 4 42
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
276 22 12 5 10 14 214
Less than 40 percent 26 3 0 0 0 0 23
40 to 49 percent 42 0 0 0 6 2 33
50 to 59 percent 44 7 0 0 0 0 37
60 to 69 percent 50 6 0 5 3 1 35
70 to 79 percent 39 3 2 0 0 0 34
80 to 89 percent 46 4 7 0 0 8 26
90 to 94 percent 5 0 0 0 0 0 5
95 to 99 percent 5 0 0 0 0 0 5
100 percent or more 16 0 0 0 0 2 14
Not reported 3 0 2 0 0 0 1
Median 65 62 84 65 48 84 64
Other properties 53 7 0 0 0 4 42
Not available 0 0 0 0 0 0 0

Total Outstanding Debt as a Percent
of Value

Less than 20 percent
30 3 0 0 0 1 26
20 to 29 percent 23 0 0 2 1 0 19
30 to 39 percent 44 3 0 0 5 3 33
40 to 49 percent 39 5 0 0 3 2 29
50 to 59 percent 58 4 0 3 0 0 51
60 to 69 percent 35 9 0 0 0 0 27
70 to 79 percent 30 3 3 0 0 0 23
80 to 89 percent 47 4 6 0 0 9 28
90 to 99 percent 8 0 0 0 0 2 6
100 percent or more 11 0 0 0 0 0 11
Not reported or not computed 4 0 2 0 0 0 2
Median 55 61 82 51 37 82 54

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
92 3 0 2 3 0 84
Treasury security 29 0 0 0 0 0 29
Average cost of funds in bank district 9 0 0 0 0 0 9
National average cost of funds 3 0 0 0 0 0 3
OTS contract mortgage rate 0 0 0 0 0 0 0
Other method 11 0 0 0 0 0 11
No index used 4 0 0 0 0 0 4
Not reported 35 3 0 2 3 0 27
Other properties 237 26 12 3 6 18 172
Not reported 0 0 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
92 3 0 2 3 0 84
Monthly 1 0 0 0 0 0 1
Every 3 months 3 0 0 0 0 0 3
Every 6 months 0 0 0 0 0 0 0
Yearly 36 0 0 0 0 0 36
Every 3 years 8 0 0 0 0 0 8
Every 5 years 7 0 0 0 0 0 7
Other 0 0 0 0 0 0 0
Not reported 36 3 0 2 3 0 28
Other properties 237 26 12 3 6 18 172
Not reported 0 0 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
92 3 0 2 3 0 84
Less than 1 percent 0 0 0 0 0 0 0
1 percent 0 0 0 0 0 0 0
1.1 to 1.9 percent 6 0 0 0 0 0 6
2 percent 26 0 0 0 0 0 26
2.1 to 2.9 percent 4 0 0 0 0 0 4
3 percent 0 0 0 0 0 0 0
3.1 to 3.9 percent 0 0 0 0 0 0 0
4.0 percent or more 7 0 0 0 0 0 7
No caps 14 0 0 0 0 0 14
Not reported 35 3 0 2 3 0 27
Other properties 237 26 12 3 6 18 172
Not reported 0 0 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
92 3 0 2 3 0 84
Less than 1 percent 0 0 0 0 0 0 0
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 0 0 0 0 0 0 0
3.1 to 3.9 percent 0 0 0 0 0 0 0
4.0 percent or more 38 0 0 0 0 0 38
No caps 19 0 0 0 0 0 19
Not reported 35 3 0 2 3 0 27
Other properties 237 26 12 3 6 18 172
Not reported 0 0 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
92 3 0 2 3 0 84
Yes, rate has changed 36 0 0 0 0 0 36
No change since mortgage made 21 0 0 0 0 0 21
Not reported 35 3 0 2 3 0 27
Other properties 237 26 12 3 6 18 172
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
4 0 0 0 0 0 4
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 4 0 0 0 0 0 4
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
291 26 12 3 6 18 225
Not reported 35 3 0 2 3 0 27

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
4 0 0 0 0 0 4
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 4 0 0 0 0 0 4
Not reported 0 0 0 0 0 0 0
Monthly payments cannot change 291 26 12 3 6 18 225
Not reported 35 3 0 2 3 0 27

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
317 29 12 5 10 18 244
Interest and principal 317 29 12 5 10 18 244
Fully amortized 297 26 12 5 10 17 227
Not fully amortized 20 3 0 0 0 0 17
Interest only 0 0 0 0 0 0 0
No regular payments required 1 0 0 0 0 0 1
Not reported 11 0 0 0 0 0 11

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
317 29 12 5 10 18 244
Real estate taxes 95 14 0 0 0 8 73
Property insurance 74 14 0 0 0 8 52
Mortgage insurance 9 1 0 0 0 8 0
Other 21 5 0 0 0 5 11
No items included or not reported 222 15 12 5 10 10 171
No regular payments of interest
and principal
12 0 0 0 0 0 12

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal
328 29 12 5 10 18 255
Less than $100 12 3 0 0 0 2 7
$100 to $199 82 7 2 3 3 1 66
$200 to $299 85 3 5 0 3 3 71
$300 to $399 53 0 0 0 2 6 44
$400 to $499 28 8 0 0 0 0 20
$500 to $599 27 9 0 0 0 5 13
$600 to $699 10 0 3 0 0 0 7
$700 to $799 2 0 0 0 0 0 2
$800 to $899 4 0 0 0 0 0 4
$900 to $999 0 0 0 0 0 0 0
$1,000 to $1,249 1 0 1 0 0 0 0
$1,250 to $1,499 8 0 0 2 0 0 6
$1,500 or more 4 0 0 0 1 0 3
Not reported 11 0 0 0 0 0 11
Median 275 430 275 188 248 339 268
Mean 400 361 411 633 2165 328 335
No regular payments required 1 0 0 0 0 0 1

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
328 29 12 5 10 18 255
Up-to-date, ahead of schedule, or
less than 90 days past due
144 14 0 0 0 9 122
Delinquent by 90 days or more 5 0 0 0 0 0 5
Legal proceedings have begun 5 0 0 0 0 0 5
Legal proceedings have not begun 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
Not reported 179 15 12 5 10 9 129
Other properties 1 0 0 0 0 0 1

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal
328 29 12 5 10 18 255
Less than $100 23 3 0 0 0 2 18
$100 to $199 79 7 2 3 3 1 63
$200 to $299 86 3 5 0 3 3 72
$300 to $399 49 0 0 0 2 4 42
$400 to $499 24 8 0 0 0 2 14
$500 to $599 33 9 0 0 0 5 19
$600 to $699 15 0 3 0 0 0 12
$700 to $799 2 0 0 0 0 0 2
$800 to $899 4 0 0 0 0 0 4
$900 to $999 0 0 0 0 0 0 0
$1,000 to $1,249 1 0 1 0 0 0 0
$1,250 to $1,499 8 0 0 2 0 0 6
$1,500 or more 4 0 0 0 1 0 3
Not reported 0 0 0 0 0 0 0
Median 271 430 275 188 248 357 264
Mean 396 361 414 633 2181 338 331
No regular payments required 1 0 0 0 0 0 1

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

Acquired before 2000 and
regular payments of interest
and/or princi
262 21 8 5 10 12 207
Less than 20 percent 11 0 0 0 0 2 9
20 to 29 percent 10 0 0 0 3 0 7
30 to 39 percent 22 6 0 0 3 1 12
40 to 49 percent 22 0 1 0 0 0 21
50 to 59 percent 62 8 0 0 0 2 51
60 to 69 percent 45 0 0 0 0 1 43
70 to 79 percent 11 0 0 0 0 0 11
80 to 89 percent 20 3 2 3 2 0 10
90 to 99 percent 5 0 0 0 0 0 5
100 percent or more 46 4 5 2 1 5 28
Not reported or not computed 10 0 0 0 0 0 10
Median 60 56 16279 89 35 65 60
Other properties 67 8 3 0 0 6 50

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

Acquired before 2000 and regular
payments of interest and/or
principal
262 21 8 5 10 12 207
Less than 20 percent 11 0 0 0 0 2 9
20 to 29 percent 10 0 0 0 3 0 7
30 to 39 percent 19 6 0 0 0 1 12
40 to 49 percent 21 0 1 0 0 0 20
50 to 59 percent 60 8 0 0 3 0 48
60 to 69 percent 40 0 0 0 0 1 39
70 to 79 percent 9 0 0 0 0 2 7
80 to 89 percent 24 3 2 3 2 0 14
90 to 99 percent 8 0 0 0 0 0 8
100 percent or more 51 4 5 2 1 5 34
Not reported or not computed 10 0 0 0 0 0 10
Median 61 56 16279 89 55 76 61
Other properties 67 8 3 0 0 6 50

Real Estate Tax Per Housing Unit

Acquired before 2000
275 21 8 5 10 12 219
Less than $100 8 0 2 0 0 0 6
$100 to $199 15 0 0 3 0 0 12
$200 to $299 24 0 3 0 3 1 16
$300 to $399 15 1 0 0 0 0 13
$400 to $499 39 3 0 0 2 2 32
$500 to $599 2 0 0 0 0 0 2
$600 to $699 31 5 2 0 0 1 23
$700 to $799 15 0 0 0 0 0 15
$800 to $899 12 0 0 0 0 0 12
$900 to $999 19 0 0 0 0 0 19
$1,000 to $1,249 25 0 0 0 0 0 25
$1,250 to $1,499 12 3 0 0 0 0 9
$1,500 to $1,999 39 9 0 0 4 7 18
$2,000 to $2,499 11 0 1 0 0 0 10
$2,500 or more 6 0 0 2 0 0 3
Not reported 2 0 0 0 0 0 2
Median 718 1365 272 188 477 1586 726
Mean 970 1140 559 1909 945 1191 936
Acquired 2000 and 2001 (part) 55 8 3 0 0 6 37

Real Estate Tax Per $1,000 Value

Acquired before 2000
275 21 8 5 10 12 219
Less than $5 8 0 2 0 0 0 6
$5 to $9 65 0 4 3 2 0 56
$10 to $14 70 13 2 0 3 0 52
$15 to $19 52 7 0 0 0 8 37
$20 to $24 36 0 0 2 3 0 31
$25 to $29 24 0 0 0 1 2 21
$30 to $39 18 1 0 0 0 2 14
$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 2 0 0 0 0 0 2
Median 15 14 8 9 14 19 14
Acquired 2000 and 2001 (part) 55 8 3 0 0 6 37

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
275 21 8 5 10 12 219
Less than 5 percent 14 0 2 0 0 2 10
5 to 9 percent 63 0 4 3 5 1 50
10 to 14 percent 72 15 0 0 0 1 55
15 to 19 percent 52 4 0 0 3 0 44
20 to 24 percent 23 1 0 0 0 2 19
25 to 29 percent 15 0 2 0 1 0 11
30 to 34 percent 7 0 0 2 0 0 5
35 to 39 percent 5 0 0 0 0 5 0
40 percent or more 12 0 0 0 0 0 12
Not reported or not computed 12 0 0 0 0 0 12
Median 14 13 8 9 10 23 14
Acquired 2000 and 2001 (part) 55 8 3 0 0 6 37

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