U.S. Department of Commerce

Residential Finance Survey

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Residential Finance Survey: 2001 - South
Table 5-3d. 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		 253 15 10 11 9 16 191

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs		 207 14 10 11 5 12 154
In central cities 117 9 4 9 0 2 93
Not in central cities 90 5 6 3 5 11 61
Outside MAs 46 2 0 0 4 4 37

Number of Housing Units

2 housing units		 183 9 8 11 9 12 133
3 housing units 21 4 2 0 0 1 14
4 housing units 48 2 0 0 0 3 43

Manner of Acquisition

By purchase		 241 12 10 11 9 14 184
Placed one new mortgage 201 11 7 0 9 14 159
Placed two or more new mortgages 18 2 0 5 0 0 11
Assumed mortgage(s) already on property 8 0 0 3 0 0 4
Assumed mortgage(s) already on property
and placed new mortgage		 8 0 2 0 0 0 6
Borrowed using assets other than this
property as collateral		 0 0 0 0 0 0 0
Paid all cash-no borrowing 3 0 0 0 0 0 3
Other manner 3 0 0 3 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 3 3 0 0 0 0 0
By some other manner 0 0 0 0 0 0 0
Not reported 7 0 0 0 0 0 7

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)		 122 2 2 9 4 6 99
Sale of stock or other partnership
shares for this project		 7 0 0 0 0 0 7
Sale of previously owned stocks,
shares, or other securities		 7 0 2 0 0 0 5
Sale of land or other real estate 7 0 0 0 0 0 7
Owner's cash, bank deposits,
share accounts, or bonds		 59 0 2 3 4 4 46
Borrowing from a retirement plan 2 0 0 0 0 0 2
Borrowing using assets other than this
property as collateral		 26 0 2 0 0 0 23
Proceeds from an insurance policy 0 0 0 0 0 0 0
From a state or local government source 0 0 0 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 1 0 0 0 0 0 1
Other cash source 4 0 0 0 0 0 4
Non-cash source 0 0 0 0 0 0 0
No downpayment required 18 2 0 0 0 2 14
Not reported 5 0 0 5 0 0 0
Other properties 130 13 7 3 5 10 90
Not reported 2 0 0 0 0 0 2

Year Property Acquired

1999 to 2001 (part)		 53 5 0 5 0 5 37
1997 and 1998 38 0 0 0 0 2 36
1995 and 1996 39 0 2 3 4 1 28
1990 to 1994 33 4 0 3 0 6 20
1985 to 1989 43 2 3 0 0 2 35
1980 to 1984 17 0 2 0 0 0 15
1975 to 1979 17 2 0 0 3 0 12
1970 to 1974 8 2 2 0 3 0 1
1969 or earlier 7 0 0 0 0 0 7

Building and Land Acquisition

Acquired at same time		 220 15 10 9 5 14 167
Not acquired at same time 21 0 0 3 0 2 16
Land not owned by building owner 1 0 0 0 0 0 1
Not reported 11 0 0 0 4 0 7

Property New or Previously Owned When
Acquired

Acquired by purchase		 241 12 10 11 9 14 184
New 40 2 0 3 4 3 28
Previously owned 196 10 10 9 5 11 151
As residential property 185 10 10 9 5 9 142
Converted from nonresidential use 11 0 0 0 0 2 9
Other 0 0 0 0 0 0 0
Not reported 4 0 0 0 0 0 4
Other properties 5 3 0 0 0 2 0
Not reported 7 0 0 0 0 0 7

Year Structure Built

1999 to March 2000		 7 3 0 0 0 2 2
1997 and 1998 2 0 0 0 0 0 2
1995 and 1996 10 0 0 0 4 0 6
1990 to 1994 6 0 0 3 0 0 3
1980 to 1989 60 0 4 5 0 10 41
1970 to 1979 33 4 0 0 3 3 23
1960 to 1969 27 3 3 0 0 1 20
1950 to 1959 36 2 2 0 3 0 30
1940 to 1949 26 2 0 0 0 0 25
1939 or earlier 45 2 0 3 0 0 40

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)		 83 2 0 5 0 5 71
Less than $20,000 19 0 0 0 0 3 15
$20,000 to $39,999 31 0 0 0 0 2 29
$40,000 to $59,999 22 2 0 5 0 0 14
$60,000 to $79,999 12 0 0 0 0 0 12
$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 to $499,999 0 0 0 0 0 0 0
$500,000 or more 0 0 0 0 0 0 0
Median 34826 50000 0 50000 0 16307 33667
Mean 40242 49250 0 59000 0 22959 39792
Other properties 170 13 10 6 9 11 120

Value

Less than $20,000		 0 0 0 0 0 0 0
$20,000 to $39,999 27 0 2 0 3 2 21
$40,000 to $59,999 25 0 3 3 0 1 17
$60,000 to $79,999 31 2 0 0 0 3 25
$80,000 to $99,999 46 2 0 0 0 3 41
$100,000 to $124,999 50 6 2 5 3 0 34
$125,000 to $149,999 23 0 0 3 0 0 20
$150,000 to $174,999 7 0 0 0 4 0 3
$175,000 to $199,999 12 2 2 0 0 0 8
$200,000 to $249,999 9 0 0 0 0 5 4
$250,000 to $299,999 3 2 0 0 0 0 1
$300,000 to $499,999 12 2 0 0 0 0 10
$500,000 or more 9 0 0 0 0 2 7
Median 98915 115396 58548 111065 118256 93036 95519
Mean 137381 171269 89982 98365 109576 291671 127424

Value Per Housing Unit@8

Less than $20,000		 35 0 2 0 3 3 28
$20,000 to $39,999 76 4 3 3 0 4 61
$40,000 to $59,999 72 2 2 5 0 4 59
$60,000 to $79,999 40 6 0 3 7 0 25
$80,000 to $99,999 11 0 2 0 0 0 9
$100,000 to $124,999 5 0 0 0 0 3 2
$125,000 to $149,999 2 2 0 0 0 0 0
$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 3 2 0 0 0 0 1
$250,000 to $299,999 4 0 0 0 0 0 4
$300,000 to $499,999 0 0 0 0 0 0 0
$500,000 or more 4 0 0 0 0 2 2
Median 44302 65114 38548 48852 66201 44889 42355
Mean 58663 75292 43993 49182 54788 138271 51953

Purchase Price as Percent of Value@8

Acquired by purchase		 241 12 10 11 9 14 184
Purchased 1997 to 2001 (part) 83 2 0 5 0 5 71
Less than 60 percent 14 0 0 0 0 2 13
60 to 69 percent 0 0 0 0 0 0 0
70 to 79 percent 16 0 0 0 0 0 16
80 to 99 percent 25 0 0 0 0 3 22
100 percent or more 28 2 0 5 0 0 21
Median 89 4651 0 4651 0 84 87
Purchased 1990 to 1996 (part) 71 4 2 6 4 7 48
Less than 40 percent 12 2 0 0 0 0 10
40 to 59 percent 7 3 0 0 0 0 4
60 to 79 percent 27 0 0 6 4 4 12
80 to 99 percent 17 0 2 0 0 3 12
100 percent or more 10 0 0 0 0 0 10
Median 73 43 90 70 70 77 76
Purchased 1989 or earlier 86 6 7 0 5 2 65
Less than 20 percent 4 2 0 0 0 0 2
20 to 39 percent 24 0 2 0 3 0 19
40 to 59 percent 21 0 0 0 3 0 19
60 to 79 percent 12 0 0 0 0 0 12
80 to 99 percent 6 2 0 0 0 0 4
100 percent or more 19 2 5 0 0 2 10
Median 54 94 1780 0 39 3176 52
Not acquired by purchase 12 3 0 0 0 2 7

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000		 133 4 6 3 7 10 103
Less than $500 0 0 0 0 0 0 0
$500 to $999 10 0 0 0 0 0 10
$1,000 to $2,499 17 0 2 0 0 1 13
$2,500 to $4,999 34 2 0 3 4 0 25
$5,000 to $7,499 33 0 0 0 0 7 26
$7,500 to $9,999 9 0 3 0 0 0 5
$10,000 to $14,999 11 0 0 0 3 0 8
$15,000 to $19,999 10 0 0 0 0 2 8
$20,000 to $29,999 7 0 0 0 0 0 7
$30,000 or more 3 2 0 0 0 0 1
Median 5451 4625 7919 3750 4672 6443 5361
Mean 7040 18824 5206 2500 5972 7310 6868
Properties with no capital
improvements between 1998 and 2000		 81 6 0 3 3 6 64
Capital improvements not
reported		 39 6 4 5 0 0 24

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000		 133 4 6 3 7 10 103
Less than $500 10 0 0 0 0 0 10
$500 to $999 18 0 2 0 0 1 15
$1,000 to $2,499 47 2 0 3 4 2 35
$2,500 to $4,999 33 0 3 0 0 5 24
$5,000 to $7,499 8 0 0 0 3 0 5
$7,500 to $9,999 8 0 0 0 0 2 6
$10,000 to $14,999 8 0 0 0 0 0 8
$15,000 to $19,999 0 0 0 0 0 0 0
$20,000 to $29,999 2 2 0 0 0 0 0
$30,000 or more 0 0 0 0 0 0 0
Median 2251 2275 2919 1750 2303 3574 2156
Mean 3155 9020 2603 1250 2986 3404 3004
Properties with no capital
improvements between 1998 and 2000		 81 6 0 3 3 6 64
Capital improvements not
reported		 39 6 4 5 0 0 24

Monthly Rental Receipts Per Housing Unit

Acquired before 2000		 223 10 10 6 9 13 174
Less than $100 8 0 0 0 3 0 6
$100 to $199 27 0 2 0 4 2 19
$200 to $299 48 3 3 3 0 1 38
$300 to $399 54 2 0 3 3 5 42
$400 to $499 29 4 0 0 0 0 25
$500 to $599 17 0 0 0 0 2 15
$600 to $799 12 0 2 0 0 0 9
$800 to $999 13 0 2 0 0 3 8
$1000 or more 4 2 0 0 0 0 2
No rental receipts 10 0 0 0 0 0 10
Median 342 422 293 291 146 374 345
Mean 364 481 426 294 169 484 357
Acquired 2000 and 2001 (part) 30 5 0 5 0 3 17

Rental Receipts as Percent of Value@8

Acquired before 2000		 223 10 10 6 9 13 174
Less than 5 percent 24 4 0 0 4 2 14
5 to 9 percent 40 0 0 3 0 2 36
10 to 14 percent 99 2 7 3 0 7 79
15 to 19 percent 24 2 2 0 0 0 20
20 to 24 percent 16 2 0 0 3 0 11
25 to 29 percent 0 0 0 0 0 0 0
30 to 39 percent 0 0 0 0 0 0 0
40 percent or more 3 0 0 0 0 2 1
Median 12 13 13 10 4 12 12
Acquired 2000 and 2001 (part) 30 5 0 5 0 3 17

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000		 223 10 10 6 9 13 174
Less than 1.0 percent 57 4 5 0 3 0 46
1.0 to 2.9 percent 7 0 0 0 0 0 7
3.0 to 4.9 percent 12 2 0 0 0 3 7
5.0 to 6.9 percent 7 0 0 0 0 0 7
7.0 to 8.9 percent 15 0 0 0 0 2 13
9.0 to 10.9 percent 7 0 0 0 0 0 7
11.0 to 12.9 percent 3 0 0 0 0 0 3
13.0 to 14.9 percent 1 0 0 0 0 0 1
15.0 percent or more 31 0 2 3 4 4 19
Not reported or not computed 81 4 3 3 3 4 64
Median 4.1 0.7 0.7 57.5 29.4 8.3 3.7
Acquired 2000 and 2001 (part) 30 5 0 5 0 3 17

Age Restrictions

Property restricted to people
age 55 or older		 52 4 7 3 0 2 35
Property not restricted to people
age 55 or older		 191 8 2 8 9 14 150
Not reported 9 3 0 0 0 0 6

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan		 0 0 0 0 0 0 0
Government rental subsidy 9 0 0 0 0 0 9
Government grant 0 0 0 0 0 0 0
Property tax relief 9 4 0 0 0 0 5
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 218 11 8 11 7 16 164
Not reported 16 0 2 0 3 0 12

Source of Property Benefits@1

With property benefits		 18 4 0 0 0 0 14
Federal government 7 0 0 0 0 0 7
State government 6 3 0 0 0 0 3
Local government 6 2 0 0 0 0 4
Non-profit corporation 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
With no property benefits 218 11 8 11 7 16 164
Not reported 16 0 2 0 3 0 12

Reason for Benefits@1

With property benefits		 18 4 0 0 0 0 14
Occupied by low- or moderate-income
individuals		 10 3 0 0 0 0 8
Occupied by elderly or disabled
individuals		 3 3 0 0 0 0 0
A historic structure 0 0 0 0 0 0 0
Located in a community development or
economic development area		 2 0 0 0 0 0 2
Covered by a Homestead Exemption 5 2 0 0 0 0 3
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 2 0 0 0 0 0 2
Not reported 0 0 0 0 0 0 0
With no property benefits 218 11 8 11 7 16 164
Not reported 16 0 2 0 3 0 12

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)		 207 8 6 11 9 13 159
Limited partnership 14 2 3 0 0 0 9
Joint venture 0 0 0 0 0 0 0
General partnership 4 3 0 0 0 1 0
Life insurance company 0 0 0 0 0 0 0
Depository institution 2 0 0 0 0 2 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		 18 0 0 0 0 0 18
Housing cooperative organization 0 0 0 0 0 0 0
Non-profit or church-related institution 8 2 0 0 0 0 6
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		 214 14 10 6 9 14 161
2 mortgages 39 2 0 5 0 2 30
3 or more mortgages 0 0 0 0 0 0 0

Form of Debt of First Mortgage

Mortgage or deed of trust		 253 15 10 11 9 16 191
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 15 0 0 0 3 0 12
By regular mail 0 0 0 0 0 0 0
By personal visit 178 6 6 3 6 12 145
Through third party (such as real
estate agent or builder)		 23 6 4 0 0 4 9
Some other way 4 0 0 3 0 0 1
Not reported 23 3 0 5 0 0 14
Not available 10 0 0 0 0 0 10

Origin of First Mortgage

Mortgage made at time property acquired		 197 14 7 5 7 15 149
Mortgage assumed at the time property
acquired		 16 0 2 3 0 0 10
Mortgage placed later than acquisition of
property		 40 2 0 3 3 2 31
Refinanced mortgage 26 2 0 3 0 2 20
Same lender 8 0 0 0 0 2 7
Different lender 18 2 0 3 0 0 13
Mortgage placed on property
owned free and clear of debt		 14 0 0 0 3 0 11
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		 40 2 0 3 3 2 31
Obtain lower interest rate 10 2 0 3 0 0 6
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		 0 0 0 0 0 0 0
Receive cash or increase outstanding
balance of loan		 16 0 0 0 3 0 13
Other reason 13 0 0 0 0 2 11
Not reported 2 0 0 0 0 0 2
Other properties 213 14 10 9 7 15 160
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		 19 0 0 0 3 2 14
Less than $20,000 8 0 0 0 3 2 3
$20,000 to $39,999 0 0 0 0 0 0 0
$40,000 to $59,999 8 0 0 0 0 0 8
$60,000 to $79,999 0 0 0 0 0 0 0
$80,000 to $99,999 2 0 0 0 0 0 2
$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 1 0 0 0 0 0 1
$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 44222 0 0 0 10000 10000 49470
Mean 43355 0 0 0 16000 15000 51818
Properties that refinanced
and did not receive cash back		 13 2 0 3 0 0 9
Properties that refinanced
and did not report if received
cash back		 8 0 0 0 0 0 8
Properties that did not
refinance		 213 14 10 9 7 15 160
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		 19 0 0 0 3 2 14
For additions, improvements or repairs
to this property		 4 0 0 0 0 0 4
To consolidate debts 6 0 0 0 3 2 2
For investment in other real estate 7 0 0 0 0 0 7
For other types of investments 0 0 0 0 0 0 0
For educational or medical expenses 0 0 0 0 0 0 0
To start a business 6 0 0 0 0 0 6
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 3 0 0
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		 13 2 0 3 0 0 9
Properties that refinanced
and did not report if received
cash back		 8 0 0 0 0 0 8
Properties that did not
refinance		 213 14 10 9 7 15 160
Not available 0 0 0 0 0 0 0

Purpose of Second Mortgage

Properties with second
mortgage		 22 2 0 0 0 0 20
Provide funds for the purchase of this
property		 14 0 0 0 0 0 14
Provide funds for additions,
improvements or repairs to this
property		 3 0 0 0 0 0 3
Provide funds for consolidation of debts 2 2 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 3 0 0 0 0 0 3
Not reported 0 0 0 0 0 0 0
Other properties 231 14 10 11 9 16 170

Purpose of Home Equity Line of Credit

Properties with home equity
line of credit		 17 0 0 5 0 2 9
Provide funds for additions,
improvements or repairs to this
property		 2 0 0 0 0 2 0
Provide funds for consolidation of debts 3 0 0 0 0 0 3
Provide funds for investment in other
real estate		 4 0 0 0 0 0 4
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 7 0 0 5 0 0 2
Other properties 236 15 10 6 9 14 181

Year First Mortgage Made or
Assumed

1999 to 2001 (part)		 80 7 0 5 3 7 58
1997 and 1998 50 0 0 3 0 2 45
1995 and 1996 44 0 2 3 4 4 30
1990 to 1994 30 6 3 0 0 3 17
1985 to 1989 30 0 0 0 0 0 30
1980 to 1984 10 0 2 0 0 0 8
1979 or earlier 10 2 2 0 3 0 3

Traditional First Mortgage Loan

Less than $20,000		 6 0 0 0 3 0 3
$20,000 to $29,999 24 0 0 3 0 0 20
$30,000 to $39,999 23 0 3 0 0 1 19
$40,000 to $49,999 40 0 5 0 3 3 30
$50,000 to $59,999 20 0 0 0 0 0 20
$60,000 to $79,999 46 4 0 5 4 5 27
$80,000 to $99,999 24 5 0 3 0 0 17
$100,000 to $149,999 42 2 0 0 0 5 35
$150,000 to $199,999 7 0 0 0 0 0 7
$200,000 to $249,999 7 2 0 0 0 0 5
$250,000 to $299,999 3 0 0 0 0 0 3
$300,000 or more 9 2 0 0 0 2 5
Not reported 2 0 2 0 0 0 0
Median 65404 93515 41261 68852 47303 75979 62221
Mean 94593 162798 40247 67125 44235 195939 86674

Total Mortgage Loan

Less than $20,000		 6 0 0 0 3 0 3
$20,000 to $29,999 24 0 0 3 0 0 20
$30,000 to $39,999 23 0 3 0 0 1 19
$40,000 to $49,999 33 0 5 0 3 3 22
$50,000 to $59,999 22 0 0 0 0 0 22
$60,000 to $79,999 46 4 0 5 4 5 27
$80,000 to $99,999 28 5 0 3 0 0 20
$100,000 to $149,999 40 2 0 0 0 5 32
$150,000 to $199,999 11 0 0 0 0 0 11
$200,000 to $249,999 5 0 0 0 0 0 5
$250,000 to $299,999 5 2 0 0 0 0 3
$300,000 or more 9 2 0 0 0 2 5
Not reported 2 0 2 0 0 0 0
Median 67729 93515 41261 68852 47303 75979 66146
Mean 97886 168198 40247 67125 44235 195939 90578

Traditional First Mortgage Outstanding
Debt

Less than $10,000		 14 0 4 0 0 0 10
$10,000 to $19,999 21 0 3 0 5 0 12
$20,000 to $29,999 28 0 0 3 0 0 25
$30,000 to $39,999 20 0 0 0 0 1 19
$40,000 to $49,999 30 2 2 0 0 3 23
$50,000 to $59,999 25 3 0 0 4 3 16
$60,000 to $79,999 38 2 0 5 0 5 25
$80,000 to $99,999 33 5 0 3 0 2 24
$100,000 to $149,999 19 0 0 0 0 0 19
$150,000 to $199,999 6 0 0 0 0 0 6
$200,000 to $249,999 7 2 0 0 0 0 6
$250,000 to $299,999 1 0 0 0 0 0 1
$300,000 or more 9 2 0 0 0 2 5
Not reported 0 0 0 0 0 0 0
Median 55097 84001 12547 68852 18576 64111 53876
Mean 81857 145974 14517 61644 33603 178103 75318

Total Mortgage Outstanding Debt

Less than $10,000		 11 0 4 0 0 0 7
$10,000 to $19,999 22 0 3 0 5 0 13
$20,000 to $29,999 28 0 0 3 0 0 25
$30,000 to $39,999 18 0 0 0 0 1 16
$40,000 to $49,999 27 2 2 0 0 3 20
$50,000 to $59,999 31 3 0 0 4 3 21
$60,000 to $79,999 40 2 0 5 0 5 27
$80,000 to $99,999 32 5 0 3 0 2 22
$100,000 to $149,999 19 0 0 0 0 0 19
$150,000 to $199,999 9 0 0 0 0 0 9
$200,000 to $249,999 6 0 0 0 0 0 6
$250,000 to $299,999 3 2 0 0 0 0 1
$300,000 or more 9 2 0 0 0 2 5
Not reported 0 0 0 0 0 0 0
Median 56920 84001 12547 68852 18576 64111 56795
Mean 84557 150845 14517 61644 33603 178103 78521

Current Interest Rate on First Mortgage

Less than 6.0 percent		 94 5 0 8 5 5 71
6.0 percent 0 0 0 0 0 0 0
6.1 to 6.4 percent 3 0 0 0 0 0 3
6.5 to 6.9 percent 12 0 0 0 0 0 12
7.0 percent 18 0 3 0 0 0 15
7.1 to 7.4 percent 5 2 0 0 0 0 3
7.5 to 7.9 percent 18 2 0 0 0 1 15
8.0 percent 9 0 0 0 0 0 9
8.1 to 8.4 percent 12 0 0 0 0 3 8
8.5 to 8.9 percent 13 0 0 0 0 2 11
9.0 percent 2 0 2 0 0 0 0
9.1 to 9.4 percent 2 0 2 0 0 0 0
9.5 to 9.9 percent 2 0 0 0 0 0 2
10.0 percent 13 0 2 0 0 1 10
10.1 to 10.4 percent 5 5 0 0 0 0 0
10.5 to 10.9 percent 6 0 0 0 0 0 6
11.0 percent 5 2 0 0 0 0 2
11.1 to 12.9 percent 4 0 0 0 0 0 4
13.0 percent 0 0 0 0 0 0 0
13.1 percent or more 30 0 0 3 4 4 19
Not reported 0 0 0 0 0 0 0
Median 7.1 7.8 9.1 4.2 5.1 8.4 7.1

Type of Interest Rate Buydown

Properties with interest rate
buydown		 2 0 2 0 0 0 0
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 2 0 2 0 0 0 0
Properties without interest
rate buydown		 96 2 3 0 0 5 85
Not reported 155 14 5 11 9 11 106

Term of First Mortgage

Less than 5 years		 10 0 0 0 0 0 10
5 years 10 0 0 0 0 0 10
6 to 9 years 0 0 0 0 0 0 0
10 years 1 0 0 0 0 0 1
11 to 14 years 3 0 0 0 0 0 3
15 years 12 2 0 0 0 1 9
16 to 19 years 1 0 0 0 0 0 1
20 years 18 0 0 0 0 0 18
21 to 24 years 2 0 2 0 0 0 0
25 years 5 0 0 0 0 0 5
26 to 29 years 0 0 0 0 0 0 0
30 years 59 14 8 0 0 6 31
More than 30 years 1 0 0 0 0 0 1
No stated term 131 0 0 11 9 9 101
Median 26 30 30 0 0 30 21

Unexpired Term of First Mortgage

Less than 5 years		 28 0 4 0 0 0 24
5 to 9 years 17 4 0 0 0 0 13
10 to 14 years 10 0 0 0 0 1 9
15 to 19 years 16 3 0 0 0 0 13
20 to 24 years 14 2 3 0 0 0 9
25 to 29 years 27 4 2 0 0 6 15
30 or more years 10 3 0 0 0 0 7
No stated term or not computed 131 0 0 11 9 9 101
Median 17 23 21 0 0 27 14

Holder of First Mortgage

Commercial bank or trust company		 54 2 0 0 0 3 48
Savings and loan association, federal
savings bank		 44 4 0 0 0 0 40
Mutual savings bank 2 0 0 0 0 2 0
Life insurance company 6 0 0 0 0 0 6
Mortgage banker or mortgage company 16 0 0 0 0 2 13
Federally-sponsored secondary market
agency or pool		 90 7 7 9 0 9 57
Conventional mortgage pool 0 0 0 0 0 0 0
Other federal agency 8 0 2 0 3 0 4
Real estate investment trust 0 0 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0 0 0
Credit union 3 0 0 0 0 0 3
Finance company 0 0 0 0 0 0 0
State or municipal government or
housing finance agency		 15 0 0 3 3 0 9
Individual or individual's estate 8 0 0 0 0 0 8
Other 8 3 0 0 4 0 2

Servicer of First Mortgage

Commercial bank or trust company		 61 2 2 0 0 6 51
Savings and loan association, federal
savings bank		 47 4 0 0 0 0 43
Mutual savings bank 2 0 0 0 0 2 0
Life insurance company 6 0 0 0 0 0 6
Mortgage banker or mortgage company 95 7 6 9 0 8 65
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 8 0 2 0 3 0 4
Real estate investment trust 0 0 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0 0 0
Credit union 3 0 0 0 0 0 3
Finance company 0 0 0 0 0 0 0
State or municipal government or
housing finance agency		 15 0 0 3 3 0 9
Individual or individual's estate 8 0 0 0 0 0 8
Other 8 3 0 0 4 0 2

Holder's Acquisition of First Mortgage

Originated directly from borrower		 156 6 3 6 3 10 128
Purchased from present servicer 55 9 2 0 4 5 35
Purchased from someone else 42 0 4 5 3 1 29
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 		201 11 10 9 7 12 153
Less than 40 percent 2 0 0 0 0 0 2
40 to 49 percent 2 0 2 0 0 0 0
50 to 59 percent 5 0 0 0 0 0 5
60 to 69 percent 24 0 0 5 4 2 13
70 to 79 percent 27 0 3 0 0 1 23
80 to 89 percent 26 2 0 0 0 1 24
90 to 94 percent 16 0 0 0 0 3 13
95 to 99 percent 8 4 0 0 0 0 4
100 percent or more 89 5 2 3 3 5 71
Not reported 2 0 2 0 0 0 0
Median 94 99 75 68 69 93 94
Other properties 52 5 0 3 3 4 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		 201 11 10 9 7 12 153
Less than 40 percent 3 0 0 0 0 0 3
40 to 49 percent 2 0 2 0 0 0 0
50 to 59 percent 6 0 0 0 0 0 6
60 to 69 percent 48 0 0 5 4 3 36
70 to 79 percent 38 0 0 0 0 0 38
80 to 89 percent 26 0 0 0 0 5 21
90 to 94 percent 7 0 0 0 0 1 6
95 to 99 percent 4 4 0 0 0 0 0
100 percent or more 63 6 6 3 3 3 42
Not reported 2 0 2 0 0 0 0
Median 81 1790 3083 68 69 86 78
Other properties 52 5 0 3 3 4 38
Not available 0 0 0 0 0 0 0

First Mortgage Risk

Subprime loan		 13 0 0 0 0 0 13
Not subprime loan 240 15 10 11 9 16 178
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		 201 11 10 9 7 12 153
Less than 40 percent 3 0 0 0 0 0 3
40 to 49 percent 2 0 2 0 0 0 0
50 to 59 percent 0 0 0 0 0 0 0
60 to 69 percent 19 0 0 5 4 2 8
70 to 79 percent 18 0 3 0 0 1 13
80 to 89 percent 22 2 0 0 0 1 19
90 to 94 percent 19 0 0 0 0 3 16
95 to 99 percent 16 4 0 0 0 0 12
100 percent or more 99 5 2 3 3 5 81
Not reported 2 0 2 0 0 0 0
Median 100 99 75 68 69 93 5658
Other properties 52 5 0 3 3 4 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		 201 11 10 9 7 12 153
Less than 40 percent 23 2 2 0 3 0 16
40 to 49 percent 18 0 2 0 4 0 12
50 to 59 percent 31 3 0 0 0 6 22
60 to 69 percent 27 0 0 9 0 1 17
70 to 79 percent 25 0 3 0 0 0 22
80 to 89 percent 22 2 0 0 0 3 17
90 to 94 percent 17 0 0 0 0 0 17
95 to 99 percent 8 0 0 0 0 0 8
100 percent or more 28 4 0 0 0 2 22
Not reported 2 0 2 0 0 0 0
Median 70 85 47 65 41 61 74
Other properties 52 5 0 3 3 4 38
Not available 0 0 0 0 0 0 0

Total Outstanding Debt as a Percent
of Value

Less than 20 percent		 17 0 4 0 3 0 11
20 to 29 percent 13 0 3 0 0 0 10
30 to 39 percent 24 2 2 0 4 3 13
40 to 49 percent 32 3 0 0 3 2 25
50 to 59 percent 40 2 0 5 0 3 30
60 to 69 percent 26 2 0 3 0 3 17
70 to 79 percent 34 3 0 3 0 3 25
80 to 89 percent 26 0 0 0 0 0 26
90 to 99 percent 14 0 0 0 0 0 14
100 percent or more 25 4 0 0 0 2 19
Not reported or not computed 0 0 0 0 0 0 0
Median 60 69 23 61 35 61 64

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage		 69 2 0 5 3 6 53
Treasury security 21 0 0 0 0 0 21
Average cost of funds in bank district 4 0 0 0 0 0 4
National average cost of funds 5 0 0 0 0 0 5
OTS contract mortgage rate 0 0 0 0 0 0 0
Other method 7 0 0 0 0 3 3
No index used 0 0 0 0 0 0 0
Not reported 33 2 0 5 3 3 20
Other properties 184 14 10 6 6 10 138
Not reported 0 0 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage		 69 2 0 5 3 6 53
Monthly 5 0 0 0 0 0 5
Every 3 months 2 0 0 0 0 0 2
Every 6 months 7 0 0 0 0 3 4
Yearly 23 0 0 0 0 0 23
Every 3 years 0 0 0 0 0 0 0
Every 5 years 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0
Not reported 32 2 0 5 3 3 19
Other properties 184 14 10 6 6 10 138
Not reported 0 0 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage		 69 2 0 5 3 6 53
Less than 1 percent 3 0 0 0 0 3 0
1 percent 2 0 0 0 0 0 2
1.1 to 1.9 percent 0 0 0 0 0 0 0
2 percent 21 0 0 0 0 0 21
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 6 0 0 0 0 0 6
No caps 4 0 0 0 0 0 4
Not reported 33 2 0 5 3 3 20
Other properties 184 14 10 6 6 10 138
Not reported 0 0 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage		 69 2 0 5 3 6 53
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 34 0 0 0 0 3 31
No caps 4 0 0 0 0 0 4
Not reported 32 2 0 5 3 3 19
Other properties 184 14 10 6 6 10 138
Not reported 0 0 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage		 69 2 0 5 3 6 53
Yes, rate has changed 24 0 0 0 0 3 21
No change since mortgage made 11 0 0 0 0 0 11
Not reported 34 2 0 5 3 3 21
Other properties 184 14 10 6 6 10 138
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		 218 14 10 6 6 13 168
Not reported 35 2 0 5 3 3 22

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 218 14 10 6 6 13 168
Not reported 35 2 0 5 3 3 22

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal		 229 10 10 6 9 16 177
Interest and principal 229 10 10 6 9 16 177
Fully amortized 196 9 8 6 9 16 148
Not fully amortized 33 2 2 0 0 0 29
Interest only 0 0 0 0 0 0 0
No regular payments required 6 0 0 0 0 0 6
Not reported 18 5 0 5 0 0 8

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal		 229 10 10 6 9 16 177
Real estate taxes 41 2 5 0 0 1 33
Property insurance 34 2 5 0 0 2 25
Mortgage insurance 3 0 0 0 0 3 0
Other 14 2 0 0 0 2 10
No items included or not reported 184 9 5 6 9 13 142
No regular payments of interest
and principal		 24 5 0 5 0 0 14

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal		 247 15 10 11 9 16 185
Less than $100 13 0 2 0 3 0 8
$100 to $199 82 0 8 3 3 7 61
$200 to $299 48 4 0 0 0 7 36
$300 to $399 24 0 0 3 0 0 21
$400 to $499 25 2 0 0 0 0 23
$500 to $599 10 0 0 0 0 0 10
$600 to $699 10 0 0 0 0 0 10
$700 to $799 4 0 0 0 4 0 0
$800 to $899 5 2 0 0 0 0 3
$900 to $999 0 0 0 0 0 0 0
$1,000 to $1,249 2 2 0 0 0 0 0
$1,250 to $1,499 2 0 0 0 0 0 2
$1,500 or more 5 0 0 0 0 2 3
Not reported 18 5 0 5 0 0 8
Median 240 437 140 191 170 212 253
Mean 348 562 135 252 386 495 335
No regular payments required 6 0 0 0 0 0 6

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest		 247 15 10 11 9 16 185
Up-to-date, ahead of schedule, or
less than 90 days past due		 94 2 5 0 0 8 80
Delinquent by 90 days or more 9 0 0 0 0 0 9
Legal proceedings have begun 2 0 0 0 0 0 2
Legal proceedings have not begun 4 0 0 0 0 0 4
Not reported 3 0 0 0 0 0 3
Not reported 144 14 5 11 9 9 96
Other properties 6 0 0 0 0 0 6

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal		 247 15 10 11 9 16 185
Less than $100 29 5 2 5 3 0 14
$100 to $199 82 0 8 3 3 7 60
$200 to $299 42 4 0 0 0 7 30
$300 to $399 29 0 0 3 0 0 27
$400 to $499 28 2 0 0 0 0 26
$500 to $599 10 0 0 0 0 0 10
$600 to $699 6 0 0 0 0 0 6
$700 to $799 8 0 0 0 4 0 4
$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 4 4 0 0 0 0 0
$1,250 to $1,499 2 0 0 0 0 0 2
$1,500 or more 5 0 0 0 0 2 3
Not reported 0 0 0 0 0 0 0
Median 230 263 140 110 170 212 258
Mean 333 411 135 133 386 495 332
No regular payments required 6 0 0 0 0 0 6

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

Acquired before 2000 and
regular payments of interest
and/or princi 		209 8 10 6 9 13 163
Less than 20 percent 1 0 0 0 0 0 1
20 to 29 percent 14 0 6 0 0 3 4
30 to 39 percent 3 0 0 0 0 0 3
40 to 49 percent 17 0 0 0 0 1 16
50 to 59 percent 24 2 3 3 3 2 11
60 to 69 percent 33 0 0 0 0 5 28
70 to 79 percent 13 0 0 0 0 0 13
80 to 89 percent 22 0 0 0 0 0 22
90 to 99 percent 8 0 0 0 0 0 8
100 percent or more 58 7 0 3 4 2 42
Not reported or not computed 16 0 0 0 3 0 13
Median 74 36033 28 59 17072 61 79
Other properties 44 7 0 5 0 3 28

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

Acquired before 2000 and regular
payments of interest and/or
principal 		212 8 10 6 9 13 166
Less than 20 percent 1 0 0 0 0 0 1
20 to 29 percent 11 0 6 0 0 3 2
30 to 39 percent 6 0 0 0 0 0 6
40 to 49 percent 17 0 0 0 0 1 16
50 to 59 percent 24 2 3 3 3 2 10
60 to 69 percent 31 0 0 0 0 5 26
70 to 79 percent 13 0 0 0 0 0 13
80 to 89 percent 24 0 0 0 0 0 24
90 to 99 percent 4 0 0 0 0 0 4
100 percent or more 65 7 0 3 4 2 50
Not reported or not computed 16 0 0 0 3 0 13
Median 77 36033 28 59 17072 61 81
Other properties 41 7 0 5 0 3 25

Real Estate Tax Per Housing Unit

Acquired before 2000		 223 10 10 6 9 13 174
Less than $100 26 3 2 0 3 0 19
$100 to $199 14 0 0 0 0 0 14
$200 to $299 22 2 0 0 0 1 18
$300 to $399 41 5 3 3 0 4 24
$400 to $499 33 0 0 0 3 0 30
$500 to $599 20 0 0 0 0 3 17
$600 to $699 2 0 0 0 0 0 2
$700 to $799 20 0 0 3 4 2 11
$800 to $899 7 0 0 0 0 0 7
$900 to $999 14 0 0 0 0 0 14
$1,000 to $1,249 12 0 0 0 0 0 12
$1,250 to $1,499 4 0 2 0 0 0 2
$1,500 to $1,999 8 0 2 0 0 3 3
$2,000 to $2,499 0 0 0 0 0 0 0
$2,500 or more 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
Median 426 304 393 391 470 556 436
Mean 522 231 886 528 420 790 503
Acquired 2000 and 2001 (part) 30 5 0 5 0 3 17

Real Estate Tax Per $1,000 Value

Acquired before 2000		 223 10 10 6 9 13 174
Less than $5 38 6 2 0 3 2 26
$5 to $9 69 2 0 0 4 3 60
$10 to $14 34 2 0 6 0 3 23
$15 to $19 31 0 3 0 0 3 24
$20 to $24 19 0 2 0 0 0 17
$25 to $29 14 0 2 0 3 0 9
$30 to $39 17 0 0 0 0 2 15
$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 0 0 0 0 0 0 0
Median 11 4 20 13 7 13 10
Acquired 2000 and 2001 (part) 30 5 0 5 0 3 17

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000		 223 10 10 6 9 13 174
Less than 5 percent 19 7 2 0 0 0 11
5 to 9 percent 71 4 0 0 0 5 63
10 to 14 percent 52 0 3 3 3 3 40
15 to 19 percent 21 0 2 0 0 3 15
20 to 24 percent 17 0 2 3 0 0 12
25 to 29 percent 7 0 0 0 0 0 7
30 to 34 percent 3 0 0 0 0 0 3
35 to 39 percent 6 0 0 0 4 0 2
40 percent or more 10 0 0 0 0 2 8
Not reported or not computed 17 0 0 0 3 0 14
Median 11 4 15 15 36 13 11
Acquired 2000 and 2001 (part) 30 5 0 5 0 3 17

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