U.S. Department of Commerce

Residential Finance Survey

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Residential Finance Survey: 2001 - West
Table 5-3e. 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
279 20 1 5 8 30 214

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
244 20 1 5 4 20 194
In central cities 121 12 1 5 2 10 91
Not in central cities 124 8 0 0 2 10 103
Outside MAs 34 0 0 0 4 10 20

Number of Housing Units

2 housing units
181 12 0 3 4 24 138
3 housing units 40 3 0 0 4 3 30
4 housing units 57 5 1 2 0 3 46

Manner of Acquisition

By purchase
259 20 1 5 8 27 197
Placed one new mortgage 221 18 0 3 6 27 167
Placed two or more new mortgages 11 0 0 1 0 0 10
Assumed mortgage(s) already on property 22 3 1 0 2 0 16
Assumed mortgage(s) already on property
and placed new mortgage
3 0 0 0 0 0 3
Borrowed using assets other than this
property as collateral
0 0 0 0 0 0 0
Paid all cash-no borrowing 2 0 0 1 0 0 2
Other manner 0 0 0 0 0 0 0
By inheritance or gift 7 0 0 0 0 0 7
By divorce 0 0 0 0 0 0 0
By tax free exchange of
other property
10 0 0 0 0 3 7
By foreclosure or assignment 0 0 0 0 0 0 0
By some other manner 0 0 0 0 0 0 0
Not reported 3 0 0 0 0 0 3

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
104 11 1 0 2 14 76
Sale of stock or other partnership
shares for this project
0 0 0 0 0 0 0
Sale of previously owned stocks,
shares, or other securities
6 0 0 0 0 1 5
Sale of land or other real estate 10 0 0 0 0 1 9
Owner's cash, bank deposits,
share accounts, or bonds
63 8 1 0 2 12 41
Borrowing from a retirement plan 0 0 0 0 0 0 0
Borrowing using assets other than this
property as collateral
5 0 0 0 0 2 3
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 7 0 0 0 0 0 7
Other cash source 4 0 0 0 0 0 4
Non-cash source 0 0 0 0 0 0 0
No downpayment required 6 0 0 0 0 0 6
Not reported 10 4 0 0 0 0 6
Other properties 172 9 0 5 7 16 135
Not reported 3 0 0 0 0 0 3

Year Property Acquired

1999 to 2001 (part)
63 3 0 0 0 7 53
1997 and 1998 25 8 0 0 0 8 9
1995 and 1996 30 0 1 0 2 2 25
1990 to 1994 43 0 0 1 0 4 38
1985 to 1989 49 3 0 0 0 3 43
1980 to 1984 31 4 0 0 2 6 19
1975 to 1979 16 2 0 3 4 0 7
1970 to 1974 15 0 0 0 0 0 15
1969 or earlier 6 0 0 1 0 0 6

Building and Land Acquisition

Acquired at same time
251 20 1 5 4 30 191
Not acquired at same time 17 0 0 0 4 0 13
Land not owned by building owner 0 0 0 0 0 0 0
Not reported 10 0 0 0 0 0 10

Property New or Previously Owned When
Acquired

Acquired by purchase
259 20 1 5 8 27 197
New 27 3 0 0 4 0 20
Previously owned 229 16 1 5 4 27 176
As residential property 219 16 1 5 4 27 166
Converted from nonresidential use 10 0 0 0 0 0 10
Other 0 0 0 0 0 0 0
Not reported 3 2 0 0 0 0 1
Other properties 17 0 0 0 0 3 14
Not reported 3 0 0 0 0 0 3

Year Structure Built

1999 to March 2000
6 0 0 0 0 0 6
1997 and 1998 3 0 0 0 0 3 0
1995 and 1996 10 0 0 0 0 0 10
1990 to 1994 13 0 0 0 2 0 11
1980 to 1989 33 3 0 0 0 6 24
1970 to 1979 51 7 0 0 4 4 36
1960 to 1969 45 3 0 0 0 7 35
1950 to 1959 46 5 1 0 0 7 33
1940 to 1949 22 1 0 0 0 0 21
1939 or earlier 50 3 0 5 2 2 38

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
76 11 0 0 0 12 53
Less than $20,000 3 3 0 0 0 0 0
$20,000 to $39,999 23 1 0 0 0 8 13
$40,000 to $59,999 14 0 0 0 0 1 13
$60,000 to $79,999 8 0 0 0 0 2 7
$80,000 to $99,999 10 4 0 0 0 0 6
$100,000 to $124,999 8 0 0 0 0 1 7
$125,000 to $149,999 3 0 0 0 0 0 3
$150,000 to $174,999 6 1 0 0 0 0 4
$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 1 1 0 0 0 0 0
Median 58440 87194 0 0 0 34723 61044
Mean 77817 128293 0 0 0 44043 74702
Other properties 203 9 1 5 8 19 161

Value

Less than $20,000
1 0 0 0 0 0 1
$20,000 to $39,999 0 0 0 0 0 0 0
$40,000 to $59,999 5 0 0 0 0 0 5
$60,000 to $79,999 7 0 0 0 0 0 7
$80,000 to $99,999 17 5 1 0 0 7 4
$100,000 to $124,999 21 0 0 0 0 1 20
$125,000 to $149,999 21 1 0 0 4 7 8
$150,000 to $174,999 29 2 0 0 0 11 16
$175,000 to $199,999 25 2 0 0 0 2 21
$200,000 to $249,999 45 3 0 0 2 0 40
$250,000 to $299,999 23 0 0 0 2 0 21
$300,000 to $499,999 38 4 0 2 0 1 30
$500,000 or more 48 3 0 3 0 1 41
Median 215194 200619 90000 139199578 148494 150078 231380
Mean 288252 344336 90000 859827 173262 152893 294574

Value Per Housing Unit@8

Less than $20,000
3 0 0 0 0 0 3
$20,000 to $39,999 21 1 1 0 0 5 14
$40,000 to $59,999 45 9 0 0 0 5 31
$60,000 to $79,999 51 0 0 0 7 14 31
$80,000 to $99,999 31 0 0 1 2 6 21
$100,000 to $124,999 37 4 0 1 0 0 33
$125,000 to $149,999 30 0 0 0 0 0 30
$150,000 to $174,999 23 5 0 0 0 1 17
$175,000 to $199,999 7 0 0 0 0 0 7
$200,000 to $249,999 7 0 0 0 0 0 7
$250,000 to $299,999 2 0 0 0 0 0 2
$300,000 to $499,999 18 0 0 0 0 0 18
$500,000 or more 4 1 0 3 0 0 0
Median 92606 59783 30000 14307512 72811 68781 104713
Mean 116166 119317 22500 389126 68839 67273 118887

Purchase Price as Percent of Value@8

Acquired by purchase
259 20 1 5 8 27 197
Purchased 1997 to 2001 (part) 76 11 0 0 0 12 53
Less than 60 percent 16 6 0 0 0 1 8
60 to 69 percent 6 0 0 0 0 5 2
70 to 79 percent 14 1 0 0 0 1 11
80 to 99 percent 20 1 0 0 0 4 15
100 percent or more 20 3 0 0 0 1 16
Median 82 52 0 0 0 72 87
Purchased 1990 to 1996 (part) 69 0 1 1 2 7 58
Less than 40 percent 13 0 0 0 0 2 11
40 to 59 percent 29 0 0 1 0 3 24
60 to 79 percent 11 0 1 0 0 0 10
80 to 99 percent 6 0 0 0 0 0 6
100 percent or more 10 0 0 0 2 1 7
Median 55 70 70 50 5051 47 55
Purchased 1989 or earlier 114 9 0 3 7 9 86
Less than 20 percent 26 0 0 0 0 0 26
20 to 39 percent 30 5 0 1 0 0 24
40 to 59 percent 20 0 0 0 4 3 12
60 to 79 percent 19 2 0 0 2 0 15
80 to 99 percent 6 3 0 0 0 0 4
100 percent or more 13 0 0 3 0 6 5
Median 41 38 0 2554 55 1557 34
Not acquired by purchase 20 0 0 0 0 3 17

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
124 8 0 0 0 8 108
Less than $500 0 0 0 0 0 0 0
$500 to $999 5 0 0 0 0 0 5
$1,000 to $2,499 45 6 0 0 0 4 34
$2,500 to $4,999 9 2 0 0 0 0 7
$5,000 to $7,499 25 0 0 0 0 2 23
$7,500 to $9,999 3 0 0 0 0 0 3
$10,000 to $14,999 8 0 0 0 0 0 8
$15,000 to $19,999 12 0 0 0 0 0 12
$20,000 to $29,999 7 0 0 0 0 0 7
$30,000 or more 9 0 0 0 0 1 8
Median 5244 2003 0 0 0 2276 5771
Mean 8241 2014 0 0 0 7271 8784
Properties with no capital
improvements between 1998 and 2000
121 8 1 5 7 23 78
Capital improvements not
reported
33 4 0 0 2 0 28

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
124 8 0 0 0 8 108
Less than $500 13 0 0 0 0 2 11
$500 to $999 21 6 0 0 0 2 13
$1,000 to $2,499 30 2 0 0 0 2 26
$2,500 to $4,999 28 0 0 0 0 0 28
$5,000 to $7,499 12 0 0 0 0 0 12
$7,500 to $9,999 9 0 0 0 0 0 9
$10,000 to $14,999 6 0 0 0 0 1 5
$15,000 to $19,999 3 0 0 0 0 0 3
$20,000 to $29,999 0 0 0 0 0 0 0
$30,000 or more 0 0 0 0 0 0 0
Median 2360 834 0 0 0 856 2844
Mean 3265 824 0 0 0 2443 3509
Properties with no capital
improvements between 1998 and 2000
121 8 1 5 7 23 78
Capital improvements not
reported
33 4 0 0 2 0 28

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
231 17 1 5 8 27 173
Less than $100 2 0 0 0 0 0 2
$100 to $199 6 4 0 0 0 0 2
$200 to $299 18 0 0 0 4 1 12
$300 to $399 30 0 1 0 2 8 19
$400 to $499 36 5 0 0 0 6 25
$500 to $599 49 4 0 1 0 7 37
$600 to $799 22 3 0 0 2 5 12
$800 to $999 30 0 0 1 0 0 29
$1000 or more 37 1 0 3 0 0 33
No rental receipts 1 0 0 0 0 0 1
Median 547 503 350 139630 294 475 568
Mean 732 770 313 3436 339 474 714
Acquired 2000 and 2001 (part) 48 3 0 0 0 3 41

Rental Receipts as Percent of Value@8

Acquired before 2000
231 17 1 5 8 27 173
Less than 5 percent 46 4 0 0 4 1 36
5 to 9 percent 100 3 0 1 4 18 73
10 to 14 percent 72 10 0 3 0 6 53
15 to 19 percent 12 0 1 0 0 2 9
20 to 24 percent 0 0 0 0 0 0 0
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 0 0 0 0 0 0 0
Median 8 11 18 11 5 8 8
Acquired 2000 and 2001 (part) 48 3 0 0 0 3 41

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
231 17 1 5 8 27 173
Less than 1.0 percent 96 2 0 3 0 20 72
1.0 to 2.9 percent 2 0 0 0 0 1 1
3.0 to 4.9 percent 15 3 0 0 0 0 12
5.0 to 6.9 percent 7 0 0 0 0 1 6
7.0 to 8.9 percent 12 0 0 0 0 3 9
9.0 to 10.9 percent 5 0 0 0 0 1 3
11.0 to 12.9 percent 5 0 1 0 2 0 2
13.0 to 14.9 percent 0 0 0 0 0 0 0
15.0 percent or more 24 5 0 0 0 1 17
Not reported or not computed 66 7 0 2 7 0 50
Median 0.9 21.7 12.0 0.5 12.0 0.7 0.9
Acquired 2000 and 2001 (part) 48 3 0 0 0 3 41

Age Restrictions

Property restricted to people
age 55 or older
54 1 0 1 0 8 44
Property not restricted to people
age 55 or older
224 19 1 4 8 22 169
Not reported 1 0 0 0 0 0 1

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
3 0 0 0 0 2 1
Government rental subsidy 19 6 0 0 0 2 10
Government grant 1 0 0 0 0 0 1
Property tax relief 4 0 0 0 0 0 4
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 233 11 1 5 8 28 180
Not reported 22 3 0 0 0 0 19

Source of Property Benefits@1

With property benefits
24 6 0 0 0 2 16
Federal government 9 0 0 0 0 2 7
State government 9 0 0 0 0 0 9
Local government 9 6 0 0 0 0 2
Non-profit corporation 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
With no property benefits 233 11 1 5 8 28 180
Not reported 22 3 0 0 0 0 19

Reason for Benefits@1

With property benefits
24 6 0 0 0 2 16
Occupied by low- or moderate-income
individuals
20 6 0 0 0 2 12
Occupied by elderly or disabled
individuals
5 3 0 0 0 0 3
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 4 0 0 0 0 0 4
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 233 11 1 5 8 28 180
Not reported 22 3 0 0 0 0 19

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
255 18 1 2 8 27 198
Limited partnership 6 0 0 0 0 0 6
Joint venture 0 0 0 0 0 0 0
General partnership 4 0 0 0 0 3 1
Life insurance company 4 0 0 0 0 0 4
Depository institution 0 0 0 0 0 0 0
Public real estate investment trust 1 0 0 0 0 0 1
Private real estate investment trust 0 0 0 0 0 0 0
Corporation - other than real estate
investment trust
8 3 0 3 0 0 3
Housing cooperative organization 0 0 0 0 0 0 0
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
254 20 1 5 8 29 191
2 mortgages 23 0 0 0 0 1 22
3 or more mortgages 2 0 0 0 0 0 2

Form of Debt of First Mortgage

Mortgage or deed of trust
279 20 1 5 8 30 214
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
4 0 0 0 0 2 3
By telephone or FAX 21 4 0 0 0 0 18
By regular mail 6 0 0 0 0 0 6
By personal visit 163 12 0 2 8 25 115
Through third party (such as real
estate agent or builder)
55 4 0 3 0 3 45
Some other way 0 0 0 0 0 0 0
Not reported 20 0 0 0 0 0 20
Not available 8 1 1 0 0 0 7

Origin of First Mortgage

Mortgage made at time property acquired
180 12 0 5 6 25 132
Mortgage assumed at the time property
acquired
15 1 1 0 0 0 13
Mortgage placed later than acquisition of
property
85 8 0 0 2 5 69
Refinanced mortgage 79 8 0 0 2 5 64
Same lender 26 6 0 0 0 0 20
Different lender 53 2 0 0 2 5 44
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
85 8 0 0 2 5 69
Obtain lower interest rate 47 6 0 0 0 2 38
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
4 0 0 0 0 0 4
Receive cash or increase outstanding
balance of loan
25 2 0 0 2 0 22
Other reason 6 0 0 0 0 0 6
Not reported 3 0 0 0 0 3 0
Other properties 194 13 1 5 6 25 145
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
48 0 0 0 2 2 44
Less than $20,000 11 0 0 0 0 0 11
$20,000 to $39,999 12 0 0 0 2 0 10
$40,000 to $59,999 8 0 0 0 0 2 6
$60,000 to $79,999 1 0 0 0 0 0 1
$80,000 to $99,999 0 0 0 0 0 0 0
$100,000 to $124,999 5 0 0 0 0 0 5
$125,000 to $149,999 0 0 0 0 0 0 0
$150,000 to $174,999 9 0 0 0 0 0 9
$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 1 0 0 0 0 0 1
$300,000 or more 0 0 0 0 0 0 0
Median 42005 30000 0 0 30000 50000 42608
Mean 64940 31745 0 0 20877 54000 67697
Properties that refinanced
and did not receive cash back
33 6 0 0 0 3 24
Properties that refinanced
and did not report if received
cash back
3 1 0 0 0 0 2
Properties that did not
refinance
194 13 1 5 6 25 145
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
48 0 0 0 2 2 44
For additions, improvements or repairs
to this property
12 0 0 0 2 0 10
To consolidate debts 19 0 0 0 0 0 19
For investment in other real estate 13 0 0 0 0 0 13
For other types of investments 2 0 0 0 0 2 0
For educational or medical expenses 2 0 0 0 0 0 2
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 5 0 0 0 0 0 5
Not reported 0 0 0 0 0 0 0
Properties that refinanced
and did not receive cash back
33 6 0 0 0 3 24
Properties that refinanced
and did not report if received
cash back
3 1 0 0 0 0 2
Properties that did not
refinance
194 13 1 5 6 25 145
Not available 0 0 0 0 0 0 0

Purpose of Second Mortgage

Properties with second
mortgage
14 0 0 0 0 1 13
Provide funds for the purchase of this
property
4 0 0 0 0 0 4
Provide funds for additions,
improvements or repairs to this
property
6 0 0 0 0 1 5
Provide funds for consolidation of debts 2 0 0 0 0 0 2
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 2 0 0 0 0 0 2
Not reported 0 0 0 0 0 0 0
Other properties 264 20 1 5 8 29 201

Purpose of Home Equity Line of Credit

Properties with home equity
line of credit
10 0 0 0 0 0 10
Provide funds for additions,
improvements or repairs to this
property
8 0 0 0 0 0 8
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
3 0 0 0 0 0 3
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 0 0 0 0 0 0 0
Other properties 268 20 1 5 8 30 204

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
93 5 0 0 0 8 81
1997 and 1998 42 10 0 0 0 9 23
1995 and 1996 25 0 1 0 2 1 20
1990 to 1994 67 3 0 1 2 6 55
1985 to 1989 25 3 0 0 0 0 22
1980 to 1984 11 0 0 0 0 6 5
1979 or earlier 16 0 0 3 4 0 8

Traditional First Mortgage Loan

Less than $20,000
6 0 0 0 0 0 6
$20,000 to $29,999 9 3 0 0 0 0 6
$30,000 to $39,999 8 0 1 0 0 2 6
$40,000 to $49,999 15 0 0 0 0 5 10
$50,000 to $59,999 10 0 0 1 4 0 5
$60,000 to $79,999 13 0 0 0 0 7 5
$80,000 to $99,999 61 9 0 0 2 6 44
$100,000 to $149,999 68 2 0 0 2 9 55
$150,000 to $199,999 41 4 0 1 0 0 36
$200,000 to $249,999 13 0 0 0 0 1 12
$250,000 to $299,999 12 0 0 0 0 0 12
$300,000 or more 24 3 0 3 0 0 17
Not reported 1 0 0 0 0 0 1
Median 113524 96912 35000 139027332 59398 84165 122914
Mean 140200 166366 30000 522274 74154 84843 139995

Total Mortgage Loan

Less than $20,000
3 0 0 0 0 0 3
$20,000 to $29,999 9 3 0 0 0 0 6
$30,000 to $39,999 8 0 1 0 0 2 6
$40,000 to $49,999 15 0 0 0 0 5 10
$50,000 to $59,999 13 0 0 1 4 0 8
$60,000 to $79,999 11 0 0 0 0 6 5
$80,000 to $99,999 59 9 0 0 2 7 42
$100,000 to $149,999 67 2 0 0 2 9 54
$150,000 to $199,999 45 4 0 1 0 0 39
$200,000 to $249,999 13 0 0 0 0 1 12
$250,000 to $299,999 12 0 0 0 0 0 12
$300,000 or more 24 3 0 3 0 0 17
Not reported 1 0 0 0 0 0 1
Median 115598 96912 35000 139027332 59398 86977 125738
Mean 143204 166366 30000 522274 74154 85409 143832

Traditional First Mortgage Outstanding
Debt

Less than $10,000
7 3 0 1 0 0 4
$10,000 to $19,999 11 0 0 0 0 0 11
$20,000 to $29,999 9 3 1 0 0 2 4
$30,000 to $39,999 17 0 0 0 4 5 8
$40,000 to $49,999 5 0 0 0 0 0 5
$50,000 to $59,999 8 0 0 0 0 3 5
$60,000 to $79,999 54 5 0 0 2 10 37
$80,000 to $99,999 41 3 0 0 2 0 36
$100,000 to $149,999 45 0 0 1 0 9 34
$150,000 to $199,999 43 4 0 0 0 0 39
$200,000 to $249,999 12 0 0 0 0 1 11
$250,000 to $299,999 11 0 0 0 0 0 11
$300,000 or more 15 3 0 3 0 0 9
Not reported 1 0 0 0 0 0 1
Median 93796 79803 25000 139027332 39398 70910 98829
Mean 120153 149891 27747 223422 57060 79019 123730

Total Mortgage Outstanding Debt

Less than $10,000
7 3 0 1 0 0 4
$10,000 to $19,999 8 0 0 0 0 0 8
$20,000 to $29,999 9 3 1 0 0 2 4
$30,000 to $39,999 16 0 0 0 4 5 7
$40,000 to $49,999 6 0 0 0 0 0 6
$50,000 to $59,999 11 0 0 0 0 3 8
$60,000 to $79,999 52 5 0 0 2 10 34
$80,000 to $99,999 41 3 0 0 2 0 36
$100,000 to $149,999 45 0 0 1 0 9 34
$150,000 to $199,999 45 4 0 0 0 0 42
$200,000 to $249,999 12 0 0 0 0 1 11
$250,000 to $299,999 9 0 0 0 0 0 9
$300,000 or more 17 3 0 3 0 0 11
Not reported 1 0 0 0 0 0 1
Median 94972 79803 25000 139027332 39398 70910 100442
Mean 122298 149891 27747 223422 57060 79238 126474

Current Interest Rate on First Mortgage

Less than 6.0 percent
131 3 0 5 7 19 99
6.0 percent 6 0 0 0 0 0 6
6.1 to 6.4 percent 0 0 0 0 0 0 0
6.5 to 6.9 percent 26 0 0 0 0 0 26
7.0 percent 6 0 0 0 0 5 1
7.1 to 7.4 percent 12 0 0 0 0 0 12
7.5 to 7.9 percent 19 2 0 0 0 2 15
8.0 percent 3 3 0 0 0 0 0
8.1 to 8.4 percent 14 0 0 0 0 1 13
8.5 to 8.9 percent 17 0 0 0 0 4 13
9.0 percent 7 4 0 0 0 0 3
9.1 to 9.4 percent 5 1 0 0 0 0 4
9.5 to 9.9 percent 0 0 0 0 0 0 0
10.0 percent 7 4 0 0 0 0 3
10.1 to 10.4 percent 0 0 0 0 0 0 0
10.5 to 10.9 percent 4 0 0 0 0 0 3
11.0 percent 2 0 0 0 0 0 2
11.1 to 12.9 percent 5 3 0 0 0 0 2
13.0 percent 0 0 0 0 0 0 0
13.1 percent or more 17 1 1 0 2 0 12
Not reported 0 0 0 0 0 0 0
Median 6.5 9.1 56.5 3.0 3.8 4.9 6.6

Type of Interest Rate Buydown

Properties with interest rate
buydown
9 0 0 0 0 0 9
Constant payment 3 0 0 0 0 0 3
3-2-1 buydown 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0
Not reported 6 0 0 0 0 0 6
Properties without interest
rate buydown
91 6 0 0 0 8 76
Not reported 179 14 1 5 8 22 129

Term of First Mortgage

Less than 5 years
5 0 0 0 0 1 3
5 years 0 0 0 0 0 0 0
6 to 9 years 0 0 0 0 0 0 0
10 years 0 0 0 0 0 0 0
11 to 14 years 0 0 0 0 0 0 0
15 years 11 0 0 0 0 0 11
16 to 19 years 0 0 0 0 0 0 0
20 years 2 0 0 0 0 0 2
21 to 24 years 0 0 0 0 0 0 0
25 years 3 0 0 0 0 0 3
26 to 29 years 0 0 0 0 0 0 0
30 years 116 20 1 0 0 7 87
More than 30 years 2 0 0 0 0 0 2
No stated term 141 0 0 5 8 22 105
Median 30 31 31 0 0 30 30

Unexpired Term of First Mortgage

Less than 5 years
6 0 0 0 0 1 4
5 to 9 years 12 0 0 0 0 0 12
10 to 14 years 0 0 0 0 0 0 0
15 to 19 years 14 3 0 0 0 0 11
20 to 24 years 28 3 1 0 0 0 24
25 to 29 years 58 14 0 0 0 7 36
30 or more years 22 1 0 0 0 0 21
No stated term or not computed 141 0 0 5 8 22 105
Median 26 27 23 0 0 27 25

Holder of First Mortgage

Commercial bank or trust company
26 0 0 3 2 7 13
Savings and loan association, federal
savings bank
33 0 0 1 2 1 29
Mutual savings bank 4 0 0 0 0 0 4
Life insurance company 6 0 0 0 0 0 6
Mortgage banker or mortgage company 22 3 0 0 0 4 15
Federally-sponsored secondary market
agency or pool
127 11 1 1 4 4 105
Conventional mortgage pool 5 0 0 0 0 2 3
Other federal agency 4 0 0 0 0 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 15 1 0 0 0 0 13
Finance company 3 0 0 0 0 0 3
State or municipal government or
housing finance agency
22 4 0 0 0 11 8
Individual or individual's estate 10 0 0 0 0 1 9
Other 3 1 0 0 0 0 2

Servicer of First Mortgage

Commercial bank or trust company
30 0 0 3 2 7 18
Savings and loan association, federal
savings bank
35 0 0 1 2 1 31
Mutual savings bank 4 0 0 0 0 0 4
Life insurance company 6 0 0 0 0 0 6
Mortgage banker or mortgage company 148 14 1 1 4 10 117
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 4 0 0 0 0 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 19 1 0 0 0 0 18
Finance company 3 0 0 0 0 0 3
State or municipal government or
housing finance agency
22 4 0 0 0 11 8
Individual or individual's estate 6 0 0 0 0 1 4
Other 1 1 0 0 0 0 0

Holder's Acquisition of First Mortgage

Originated directly from borrower
112 8 0 3 0 10 92
Purchased from present servicer 87 10 0 1 7 7 61
Purchased from someone else 80 3 1 1 2 13 61
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
178 13 1 5 6 22 131
Less than 40 percent 4 0 0 0 2 0 2
40 to 49 percent 5 0 1 0 0 0 4
50 to 59 percent 12 0 0 1 0 3 8
60 to 69 percent 23 0 0 3 0 12 9
70 to 79 percent 27 0 0 0 0 1 26
80 to 89 percent 38 5 0 0 4 2 26
90 to 94 percent 12 0 0 0 0 1 11
95 to 99 percent 6 0 0 0 0 0 6
100 percent or more 50 7 0 1 0 3 38
Not reported 0 0 0 0 0 0 0
Median 85 13439 45 67 83 67 86
Other properties 101 8 0 0 2 9 83
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
178 13 1 5 6 22 131
Less than 40 percent 6 0 0 0 2 0 4
40 to 49 percent 3 0 1 0 0 2 0
50 to 59 percent 4 0 0 1 0 0 4
60 to 69 percent 49 0 0 3 0 13 33
70 to 79 percent 39 0 0 0 0 1 38
80 to 89 percent 38 5 0 0 4 3 25
90 to 94 percent 5 0 0 0 0 0 5
95 to 99 percent 4 0 0 0 0 0 4
100 percent or more 29 7 0 1 0 3 18
Not reported 0 0 0 0 0 0 0
Median 77 1422 45 67 83 67 76
Other properties 101 8 0 0 2 9 83
Not available 0 0 0 0 0 0 0

First Mortgage Risk

Subprime loan
13 0 1 0 0 3 9
Not subprime loan 266 20 0 5 8 27 205
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
178 13 1 5 6 22 131
Less than 40 percent 4 0 0 0 2 0 2
40 to 49 percent 5 0 1 0 0 0 4
50 to 59 percent 12 0 0 1 0 3 8
60 to 69 percent 18 0 0 3 0 11 4
70 to 79 percent 27 0 0 0 0 2 24
80 to 89 percent 40 5 0 0 4 2 28
90 to 94 percent 14 0 0 0 0 1 13
95 to 99 percent 6 0 0 0 0 0 6
100 percent or more 53 7 0 1 0 3 41
Not reported 0 0 0 0 0 0 0
Median 86 13439 45 67 83 67 88
Other properties 101 8 0 0 2 9 83
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
178 13 1 5 6 22 131
Less than 40 percent 33 6 1 1 2 1 23
40 to 49 percent 31 0 0 1 4 11 15
50 to 59 percent 29 4 0 0 0 0 26
60 to 69 percent 36 1 0 3 0 6 26
70 to 79 percent 21 0 0 0 0 3 19
80 to 89 percent 12 2 0 0 0 0 10
90 to 94 percent 3 0 0 0 0 1 2
95 to 99 percent 2 0 0 0 0 0 2
100 percent or more 9 0 0 0 0 0 9
Not reported 0 0 0 0 0 0 0
Median 58 52 20 61 43 49 61
Other properties 101 8 0 0 2 9 83
Not available 0 0 0 0 0 0 0

Total Outstanding Debt as a Percent
of Value

Less than 20 percent
24 3 0 0 0 0 22
20 to 29 percent 42 0 0 3 6 2 31
30 to 39 percent 39 7 1 0 0 1 30
40 to 49 percent 43 0 0 1 2 12 28
50 to 59 percent 40 7 0 0 0 6 27
60 to 69 percent 35 1 0 0 0 7 27
70 to 79 percent 30 1 0 0 0 2 27
80 to 89 percent 11 1 0 0 0 1 9
90 to 99 percent 2 0 0 0 0 0 2
100 percent or more 10 0 0 0 0 0 10
Not reported or not computed 2 0 0 1 0 0 1
Median 48 51 35 28 27 51 48

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
60 4 0 0 2 9 45
Treasury security 3 0 0 0 0 0 3
Average cost of funds in bank district 10 0 0 0 0 0 10
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 5 0 0 0 0 0 5
No index used 0 0 0 0 0 0 0
Not reported 39 4 0 0 2 9 24
Other properties 219 17 1 5 6 21 169
Not reported 0 0 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
60 4 0 0 2 9 45
Monthly 14 0 0 0 0 0 14
Every 3 months 1 0 0 0 0 0 1
Every 6 months 3 0 0 0 0 0 3
Yearly 3 0 0 0 0 0 3
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 39 4 0 0 2 9 24
Other properties 219 17 1 5 6 21 169
Not reported 0 0 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
60 4 0 0 2 9 45
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 3 0 0 0 0 0 3
2 percent 3 0 0 0 0 0 3
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 0 0 0 0 0 1
No caps 14 0 0 0 0 0 14
Not reported 36 4 0 0 2 9 22
Other properties 219 17 1 5 6 21 169
Not reported 0 0 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
60 4 0 0 2 9 45
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 1 0 0 0 0 0 1
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 15 0 0 0 0 0 15
No caps 8 0 0 0 0 0 8
Not reported 36 4 0 0 2 9 22
Other properties 219 17 1 5 6 21 169
Not reported 0 0 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
60 4 0 0 2 9 45
Yes, rate has changed 24 0 0 0 0 0 24
No change since mortgage made 0 0 0 0 0 0 0
Not reported 36 4 0 0 2 9 22
Other properties 219 17 1 5 6 21 169
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
242 17 1 5 6 21 192
Not reported 37 4 0 0 2 9 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 242 17 1 5 6 21 192
Not reported 37 4 0 0 2 9 22

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
270 20 1 5 8 29 207
Interest and principal 270 20 1 5 8 29 207
Fully amortized 249 20 1 2 4 25 197
Not fully amortized 21 0 0 3 4 4 9
Interest only 0 0 0 0 0 0 0
No regular payments required 5 0 0 0 0 1 4
Not reported 4 0 0 0 0 0 4

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
270 20 1 5 8 29 207
Real estate taxes 66 6 0 0 0 5 55
Property insurance 59 6 0 0 0 5 48
Mortgage insurance 6 0 0 0 0 3 3
Other 20 4 0 0 0 0 17
No items included or not reported 196 14 1 5 8 24 143
No regular payments of interest
and principal
9 0 0 0 0 1 8

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal
274 20 1 5 8 29 210
Less than $100 19 3 0 1 0 2 14
$100 to $199 28 3 1 0 0 6 18
$200 to $299 43 5 0 0 2 1 35
$300 to $399 45 0 0 0 7 4 35
$400 to $499 50 3 0 1 0 13 33
$500 to $599 21 1 0 0 0 3 17
$600 to $699 32 0 0 0 0 0 32
$700 to $799 5 4 0 0 0 0 2
$800 to $899 10 0 0 0 0 0 10
$900 to $999 1 0 0 0 0 0 1
$1,000 to $1,249 4 1 0 0 0 0 3
$1,250 to $1,499 2 0 0 0 0 0 2
$1,500 or more 9 1 0 3 0 0 5
Not reported 4 0 0 0 0 0 4
Median 400 298 150 140061 336 412 405
Mean 459 539 150 1489 317 334 452
No regular payments required 5 0 0 0 0 1 4

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
274 20 1 5 8 29 210
Up-to-date, ahead of schedule, or
less than 90 days past due
116 5 0 0 0 7 104
Delinquent by 90 days or more 2 0 0 0 0 0 2
Legal proceedings have begun 2 0 0 0 0 0 2
Legal proceedings have not begun 0 0 0 0 0 0 0
Not reported 0 0 0 0 0 0 0
Not reported 156 16 1 5 8 22 104
Other properties 5 0 0 0 0 1 4

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal
274 20 1 5 8 29 210
Less than $100 20 3 0 1 0 2 15
$100 to $199 28 3 1 0 0 6 18
$200 to $299 41 5 0 0 2 1 33
$300 to $399 49 0 0 0 7 4 38
$400 to $499 46 3 0 1 0 13 28
$500 to $599 21 1 0 0 0 3 17
$600 to $699 36 0 0 0 0 0 36
$700 to $799 5 4 0 0 0 0 2
$800 to $899 13 0 0 0 0 0 13
$900 to $999 1 0 0 0 0 0 1
$1,000 to $1,249 4 1 0 0 0 0 3
$1,250 to $1,499 2 0 0 0 0 0 2
$1,500 or more 9 1 0 3 0 0 5
Not reported 0 0 0 0 0 0 0
Median 399 298 150 140061 336 412 402
Mean 463 539 150 1489 317 336 457
No regular payments required 5 0 0 0 0 1 4

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

Acquired before 2000 and
regular payments of interest
and/or princi
222 17 1 5 8 26 165
Less than 20 percent 11 3 0 1 0 0 8
20 to 29 percent 15 0 0 0 0 2 13
30 to 39 percent 15 2 0 0 2 0 11
40 to 49 percent 33 3 1 3 0 1 25
50 to 59 percent 33 3 0 0 0 8 23
60 to 69 percent 27 3 0 0 0 5 19
70 to 79 percent 16 0 0 1 0 4 11
80 to 89 percent 24 0 0 0 0 6 18
90 to 99 percent 2 0 0 0 0 0 2
100 percent or more 45 4 0 0 7 0 35
Not reported or not computed 1 0 0 0 0 0 1
Median 61 53 45 47 36008 64 61
Other properties 57 3 0 0 0 4 49

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

Acquired before 2000 and regular
payments of interest and/or
principal
225 17 1 5 8 26 168
Less than 20 percent 11 3 0 1 0 0 8
20 to 29 percent 15 0 0 0 0 2 13
30 to 39 percent 13 2 0 0 2 0 10
40 to 49 percent 35 3 1 3 0 0 28
50 to 59 percent 31 3 0 0 0 9 19
60 to 69 percent 31 3 0 0 0 5 23
70 to 79 percent 17 0 0 1 0 4 12
80 to 89 percent 24 0 0 0 0 6 18
90 to 99 percent 2 0 0 0 0 0 2
100 percent or more 45 4 0 0 7 0 35
Not reported or not computed 1 0 0 0 0 0 1
Median 62 53 45 47 36008 64 62
Other properties 54 3 0 0 0 4 46

Real Estate Tax Per Housing Unit

Acquired before 2000
231 17 1 5 8 27 173
Less than $100 12 0 0 0 0 2 10
$100 to $199 2 2 0 0 0 0 0
$200 to $299 12 0 1 0 2 2 7
$300 to $399 21 3 0 0 0 6 12
$400 to $499 23 0 0 1 0 1 22
$500 to $599 16 0 0 0 0 0 16
$600 to $699 24 0 0 0 0 3 21
$700 to $799 12 2 0 0 0 1 9
$800 to $899 11 0 0 1 0 0 9
$900 to $999 19 3 0 0 4 2 10
$1,000 to $1,249 36 3 0 0 2 9 23
$1,250 to $1,499 17 4 0 0 0 0 14
$1,500 to $1,999 13 0 0 0 0 1 12
$2,000 to $2,499 3 0 0 3 0 0 0
$2,500 or more 9 1 0 0 0 0 7
Not reported 1 0 0 0 0 0 1
Median 747 972 250 2069 947 728 690
Mean 981 1111 278 1654 866 691 1005
Acquired 2000 and 2001 (part) 48 3 0 0 0 3 41

Real Estate Tax Per $1,000 Value

Acquired before 2000
231 17 1 5 8 27 173
Less than $5 53 2 0 3 2 2 44
$5 to $9 93 11 0 1 0 12 69
$10 to $14 40 0 1 0 2 4 33
$15 to $19 30 2 0 0 4 9 15
$20 to $24 4 3 0 0 0 1 0
$25 to $29 5 0 0 0 0 0 5
$30 to $39 6 0 0 0 0 0 6
$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 8 8 13 4 15 11 8
Acquired 2000 and 2001 (part) 48 3 0 0 0 3 41

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
231 17 1 5 8 27 173
Less than 5 percent 28 2 0 3 0 4 20
5 to 9 percent 72 4 1 1 2 7 57
10 to 14 percent 56 5 0 1 0 8 41
15 to 19 percent 37 3 0 0 2 7 25
20 to 24 percent 7 0 0 0 0 1 6
25 to 29 percent 11 0 0 0 0 0 11
30 to 34 percent 4 0 0 0 0 0 4
35 to 39 percent 4 0 0 0 4 0 0
40 percent or more 9 4 0 0 0 0 6
Not reported or not computed 2 0 0 0 0 0 2
Median 11 13 8 4 35 12 11
Acquired 2000 and 2001 (part) 48 3 0 0 0 3 41

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