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Residential Finance Survey: 2001 - Northeast
Table 7-2b. Type of First Mortgage, Rental and Vacant 50-or-More-Housing-Unit Mortgaged Properties
^Number of mortgaged properties.
For information on confidentiality protection, sampling error, nonsampling error, and definitions, see text.
For minimum base of derived figures (percent, median, etc.) and meaning of symbols, see text.
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^^

Fixed rate mortgage
Total mortgaged
properties
Amortized Short term with
balloon payment
Adjustable rate
mortgage (ARM)
Other mortgage

50-or-more housing-unit
properties with traditional
first mortgage
13052 9620 1422 1809 202

PROPERTY CHARACTERISTICS


Number of Housing Units

50 to 74 housing units
4430 2961 601 805 63
75 to 99 housing units 2446 1819 325 275 27
100 to 149 housing units 2737 2075 266 361 35
150 to 199 housing units 1219 995 97 114 14
200 to 299 housing units 1277 1062 75 120 20
300 to 499 housing units 692 523 50 93 26
500 to 999 housing units 183 135 4 34 11
1,000 or more housing units 69 51 5 8 6

Manner of Acquisition

By purchase
11644 8530 1321 1630 164
Placed one new mortgage 9043 6739 995 1186 124
Placed two or more new mortgages 582 417 61 96 8
Assumed mortgage(s) already on property 978 739 104 123 12
Assumed mortgage(s) already on property
and placed new mortgage
393 182 102 101 8
Borrowed using assets other than this
property as collateral
82 82 0 0 0
Paid all cash-no borrowing 340 203 21 107 10
Other manner 226 168 39 17 2
By inheritance or gift 167 115 10 33 9
By divorce 0 0 0 0 0
By tax free exchange of
other property
51 42 2 7 0
By foreclosure or assignment 69 37 14 13 6
By some other manner 292 256 5 19 11
Not reported 828 641 70 106 12

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
3243 2290 429 478 47
Sale of stock or other partnership
shares for this project
448 278 56 106 8
Sale of previously owned stocks,
shares, or other securities
147 120 8 19 0
Sale of land or other real estate 119 97 0 12 10
Owner's cash, bank deposits,
share accounts, or bonds
1288 860 184 227 16
Borrowing from a retirement plan 0 0 0 0 0
Borrowing using assets other than this
property as collateral
125 85 20 20 0
Proceeds from an insurance policy 0 0 0 0 0
From a state or local government source 113 109 4 0 0
From a non-profit organization 19 16 3 0 0
Proceeds from sale of tax credits 143 95 10 37 1
From parents or relatives 127 118 3 0 6
Other cash source 306 229 27 49 1
Non-cash source 23 5 9 9 0
No downpayment required 204 168 13 15 8
Not reported 647 438 107 92 10
Other properties 9533 7107 962 1317 147
Not reported 277 224 31 14 8

Year Property Acquired

1999 to 2001 (part)
1599 1130 214 241 14
1997 and 1998 1195 801 158 219 16
1995 and 1996 932 750 91 57 34
1990 to 1994 1213 879 108 224 2
1985 to 1989 2172 1676 268 179 49
1980 to 1984 2335 1753 223 335 24
1975 to 1979 1209 904 103 184 17
1970 to 1974 1131 884 91 135 21
1969 or earlier 1267 843 165 236 24

Property New or Previously Owned When
Acquired

Acquired by purchase
11644 8530 1321 1630 164
New 3845 3171 221 385 68
Previously owned 7577 5186 1080 1224 87
As residential property 7177 4865 1075 1156 81
Converted from nonresidential use 400 321 5 67 6
Other 65 63 0 2 0
Not reported 158 109 20 19 9
Other properties 580 450 30 73 26
Not reported 828 641 70 106 12

Year Structure Built

1999 to March 2000
265 174 63 25 4
1997 and 1998 285 249 15 19 1
1995 and 1996 227 200 8 8 11
1990 to 1994 484 383 43 57 1
1980 to 1989 1882 1643 79 113 47
1970 to 1979 2693 1968 228 446 50
1960 to 1969 2338 1679 320 296 43
1950 to 1959 1241 968 138 128 7
1940 to 1949 790 543 115 121 10
1939 or earlier 2847 1813 412 595 28

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
2424 1639 342 426 17
Less than $20,000 426 215 57 145 9
$20,000 to $39,999 927 586 170 168 4
$40,000 to $59,999 542 427 55 56 5
$60,000 to $79,999 170 116 21 33 0
$80,000 to $99,999 158 130 23 4 0
$100,000 to $124,999 78 60 10 9 0
$125,000 to $149,999 59 59 0 0 0
$150,000 to $174,999 7 7 0 0 0
$175,000 to $199,999 16 16 0 0 0
$200,000 to $249,999 28 18 5 5 0
$250,000 to $299,999 5 4 0 1 0
$300,000 to $499,999 6 1 0 4 0
$500,000 or more 0 0 0 0 0
Median 36938 40889 33349 28046 19155
Mean 48003 51559 41826 40132 26870
Other properties 10629 7981 1080 1383 184

Value

Less than $1,000,000
469 316 57 86 9
$1,000,000 to $1,999,999 1822 1296 187 314 24
$2,000,000 to $2,999,999 2077 1457 303 291 25
$3,000,000 to $3,999,999 1591 1033 178 357 23
$4,000,000 to $4,999,999 1079 732 149 178 20
$5,000,000 to $7,499,999 2324 1815 223 260 26
$7,500,000 to $9,999,999 954 760 92 90 11
$10,000,000 to $14,999,999 1243 980 118 123 24
$15,000,000 to $19,999,999 583 488 37 48 11
$20,000,000 to $29,999,999 420 341 46 23 10
$30,000,000 to $39,999,999 171 143 11 11 7
$40,000,000 to $49,999,999 107 94 6 7 1
$50,000,000 or more 211 166 14 22 9
Median 4526511 4967240 3913648 3598611 4939122
Mean 7943265 8429783 6578529 5660523 14829647

Value Per Housing Unit@8

Less than $20,000
1538 1110 140 256 31
$20,000 to $39,999 4643 3313 527 734 69
$40,000 to $59,999 3365 2482 367 465 51
$60,000 to $79,999 1288 943 143 171 32
$80,000 to $99,999 801 629 86 83 2
$100,000 to $124,999 561 454 57 48 2
$125,000 to $149,999 253 218 22 12 1
$150,000 to $174,999 167 134 26 1 7
$175,000 to $199,999 104 71 21 10 2
$200,000 to $249,999 128 100 17 10 1
$250,000 to $299,999 81 57 14 8 1
$300,000 to $499,999 62 51 4 5 1
$500,000 or more 62 59 0 3 0
Median 42055 43120 42419 37652 40234
Mean 56877 59050 55554 47039 50728

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
8353 6298 865 1050 140
Less than $50,000 1771 1213 280 227 51
$50,000 to $99,999 1456 1063 132 253 9
$100,000 to $249,999 2415 1831 286 273 25
$250,000 to $499,999 1277 1074 88 101 13
$500,000 to $749,999 594 482 32 69 10
$750,000 to $999,999 204 167 10 25 1
$1,000,000 to $1,499,999 218 181 7 13 16
$1,500,000 to $1,999,999 105 78 11 15 1
$2,000,000 to $2,999,999 116 55 6 53 3
$3,000,000 or more 197 154 12 21 10
Median 158934 171498 110486 125137 161810
Mean 438227 426745 254691 458088 1938020
Properties with no capital
improvements between 1998 and 2000
2359 1590 294 438 38
Capital improvements not
reported
2340 1733 263 321 24

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
8353 6298 865 1050 140
Less than $500 1867 1362 222 228 56
$500 to $999 1734 1196 231 293 14
$1,000 to $2,499 2733 2160 238 298 38
$2,500 to $4,999 1194 939 135 109 10
$5,000 to $7,499 333 275 16 38 4
$7,500 to $9,999 108 92 2 8 6
$10,000 to $14,999 107 82 4 13 8
$15,000 to $19,999 88 84 4 0 0
$20,000 to $29,999 59 34 10 14 0
$30,000 or more 130 73 3 50 4
Median 1316 1411 956 1022 1002
Mean 3101 2955 1870 4552 6380
Properties with no capital
improvements between 1998 and 2000
2359 1590 294 438 38
Capital improvements not
reported
2340 1733 263 321 24

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
12016 8851 1315 1657 194
Less than $100 271 174 3 87 7
$100 to $199 174 117 37 19 1
$200 to $299 458 388 26 35 9
$300 to $399 838 596 101 118 23
$400 to $499 1517 1002 165 337 12
$500 to $599 2323 1773 255 280 15
$600 to $799 1930 1284 277 308 60
$800 to $999 2458 1899 258 273 28
$1000 or more 1965 1568 179 183 35
No rental receipts 84 49 14 17 4
Median 640 655 646 580 694
Mean 749 755 736 648 1421
Acquired 2000 and 2001 (part) 1036 770 106 152 8

Rental Receipts as Percent of Value@8

Acquired before 2000
12016 8851 1315 1657 194
Less than 5 percent 400 278 28 89 6
5 to 9 percent 913 707 72 112 22
10 to 14 percent 2899 2207 356 304 32
15 to 19 percent 2481 1767 289 385 40
20 to 24 percent 2031 1412 253 327 38
25 to 29 percent 1066 830 90 133 13
30 to 39 percent 979 754 92 118 15
40 percent or more 1180 863 121 171 25
Median 19 18 18 19 20
Acquired 2000 and 2001 (part) 1036 770 106 152 8

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
12016 8851 1315 1657 194
Less than 1.0 percent 2796 2150 311 285 50
1.0 to 2.9 percent 2699 2044 252 359 43
3.0 to 4.9 percent 1408 999 148 246 15
5.0 to 6.9 percent 573 426 51 83 13
7.0 to 8.9 percent 327 233 22 73 0
9.0 to 10.9 percent 305 146 29 127 2
11.0 to 12.9 percent 101 86 4 11 1
13.0 to 14.9 percent 106 71 9 24 1
15.0 percent or more 277 193 15 60 10
Not reported or not computed 3422 2502 473 388 58
Median 2.1 2.0 1.9 2.9 1.8
Acquired 2000 and 2001 (part) 1036 770 106 152 8

Age Restrictions

Property restricted to people
age 55 or older
2257 1833 144 238 43
Property not restricted to people
age 55 or older
10290 7322 1243 1566 158
Not reported 505 466 35 5 0

Age Composition

Over one-half the residents of the
building age 55 or older
1071 818 123 116 15
Over one-half the residents of the
building not age 55 or older
8734 6211 1021 1385 116
Not reported 3248 2592 278 308 70

Meal Service Provided by Properties
Exclusively or Predominantly Occupied by
People Age 55 or Older

Property provides meal service
969 781 83 97 9
Charge included in rent 572 457 49 61 5
Charge not included in rent 149 134 6 7 2
Not reported 249 190 27 29 2
Property does not provide meal
service
2410 1910 199 243 58
Not reported 9673 6929 1140 1469 135

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
1551 1215 84 210 42
Government rental subsidy 4386 3450 325 520 91
Government grant 172 160 7 2 2
Property tax relief 1267 986 97 139 45
Federal income tax credit for
low-income, old or historic properties
527 439 23 51 14
Accelerated federal income tax
depreciation for low- and
moderate-income properties
130 84 9 34 3
Subsidy from a non-profit corporation 79 63 11 5 0
None of the above benefits 5851 4096 785 900 70
Not reported 1519 1112 183 216 8

Source of Property Benefits@1

With property benefits
5683 4412 454 693 124
Federal government 4072 3195 304 498 75
State government 1059 810 89 109 52
Local government 1580 1176 156 207 41
Non-profit corporation 79 63 11 5 0
Not reported 118 86 13 18 1
With no property benefits 5851 4096 785 900 70
Not reported 1519 1112 183 216 8

Reason for Benefits@1

With property benefits
5683 4412 454 693 124
Occupied by low- or moderate-income
individuals
4436 3432 322 584 98
Occupied by elderly or disabled
individuals
2243 1800 146 246 52
A historic structure 152 104 6 41 1
Located in a community development or
economic development area
177 156 7 5 10
Covered by a Homestead Exemption 7 4 0 3 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 5 5 0 0 0
Other reason 557 446 74 31 6
Not reported 237 181 27 20 9
With no property benefits 5851 4096 785 900 70
Not reported 1519 1112 183 216 8

Section 8 Rental Housing Certificates
and Vouchers

Property did or does have tenants
receiving Section 8 assistance
6552 4739 615 1085 112
Property has never had tenants
receiving Section 8 assistance
5301 3885 660 677 79
Not reported 1200 996 146 47 11

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
980 689 106 181 4
Limited partnership 5054 3885 369 735 64
Joint venture 56 30 0 23 3
General partnership 1085 698 205 183 0
Life insurance company 35 22 13 0 0
Depository institution 0 0 0 0 0
Public real estate investment trust 76 76 0 0 0
Private real estate investment trust 0 0 0 0 0
Corporation - other than real estate
investment trust
2926 2042 451 374 59
Housing cooperative organization 1634 1210 209 175 40
Non-profit or church-related institution 756 636 40 69 11
Pension fund 20 17 3 0 0
Fraternal organization 0 0 0 0 0
Other 430 315 25 69 21

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
35 35 0 0 0
By telephone or FAX 933 653 131 136 13
By regular mail 1642 1087 192 323 40
By personal visit 4060 3077 379 550 53
Through third party (such as real
estate agent or builder)
3339 2309 491 502 37
Some other way 1168 905 85 146 33
Not reported 1529 1225 142 141 22
Not available 347 330 2 12 4

Origin of First Mortgage

Mortgage made at time property acquired
7377 5651 611 1008 108
Mortgage assumed at the time property
acquired
750 568 92 78 12
Mortgage placed later than acquisition of
property
4925 3401 718 723 82
Refinanced mortgage 4602 3182 661 678 81
Same lender 1600 1059 310 210 22
Different lender 3001 2123 351 468 59
Mortgage placed on property
owned free and clear of debt
323 219 57 46 1
Not available 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
4925 3401 718 723 82
Obtain lower interest rate 2704 1768 486 409 41
Increase payment period for mortgage 89 72 0 17 1
Reduce payment period for mortgage 1 1 0 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
631 465 72 71 22
Receive cash or increase outstanding
balance of loan
923 675 82 159 8
Other reason 351 280 19 44 7
Not reported 226 140 59 24 3
Other properties 8128 6219 704 1086 119
Not available 0 0 0 0 0

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

Properties on which cash
received
2348 1571 362 383 30
Less than $1,000,000 1474 936 261 255 21
$1,000,000 to $1,999,999 488 357 48 76 7
$2,000,000 to $2,999,999 157 93 35 27 1
$3,000,000 to $3,999,999 81 72 6 3 0
$4,000,000 to $4,999,999 42 31 5 6 0
$5,000,000 to $7,499,999 45 31 4 9 0
$7,500,000 to $9,999,999 13 10 1 1 1
$10,000,000 to $14,999,999 26 22 0 3 0
$15,000,000 to $19,999,999 9 9 0 0 0
$20,000,000 to $29,999,999 7 6 0 1 0
$30,000,000 to $39,999,999 3 3 0 0 0
$40,000,000 to $49,999,999 0 0 0 0 0
$50,000,000 or more 3 1 1 0 0
Not reported 0 0 0 0 0
Median 796319 838999 693618 751309 718443
Mean 1430215 1535106 1340108 1117366 1029126
Properties that refinanced
and did not receive cash back
1689 1204 253 202 31
Properties that refinanced
and did not report if received
cash back
888 626 103 138 20
Properties that did not
refinance
8128 6219 704 1086 119
Not available 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
2348 1571 362 383 30
For additions, improvements or repairs
to this property
1616 1140 224 236 17
To consolidate debts 192 99 63 30 0
For investment in other real estate 645 411 59 171 5
For other types of investments 346 219 77 49 0
For educational or medical expenses 4 4 0 0 0
To start a business 0 0 0 0 0
To settle a divorce 0 0 0 0 0
To pay taxes 67 53 0 14 0
To purchase an automobile, truck, or
other vehicle
9 9 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
9 0 3 6 0
Other 275 200 30 42 2
Not reported 104 41 53 1 8
Properties that refinanced
and did not receive cash back
1689 1204 253 202 31
Properties that refinanced
and did not report if received
cash back
888 626 103 138 20
Properties that did not
refinance
8128 6219 704 1086 119
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
3743 2484 680 541 38
1997 and 1998 2887 2072 385 368 62
1995 and 1996 1532 1150 137 209 36
1990 to 1994 1308 965 81 249 13
1985 to 1989 955 825 9 107 14
1980 to 1984 1240 1052 59 118 11
1979 or earlier 1387 1072 71 216 27

First Mortgage Insurance Status

FHA-insured first mortgage
1061 902 54 90 16
VA-guaranteed first mortgage 0 0 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
289 251 5 32 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
683 618 15 46 4
Insured conventional first mortgage 1017 868 22 124 2
Uninsured conventional first mortgage 10003 6982 1325 1516 180
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $500,000
544 311 74 159 0
$500,000 to $999,999 1328 1028 82 217 0
$1,000,000 to $1,499,999 1945 1274 274 351 45
$1,500,000 to $1,999,999 1449 974 233 224 19
$2,000,000 to $2,499,999 1154 783 176 174 20
$2,500,000 to $2,999,999 817 596 93 111 17
$3,000,000 to $3,999,999 1420 1078 163 156 22
$4,000,000 to $4,999,999 948 787 64 95 1
$5,000,000 to $7,499,999 1395 1109 119 147 21
$7,500,000 to $9,999,999 595 461 63 60 10
$10,000,000 to $12,499,999 377 317 17 36 7
$12,500,000 to $14,999,999 185 156 10 11 7
$15,000,000 to $19,999,999 207 185 9 10 3
$20,000,000 or more 247 208 11 12 16
Not reported 443 353 32 44 14
Median 2450487 2720402 2089318 1846973 2831473
Mean 4233561 4501111 3202748 2993339 10316800

Total Mortgage Loan

Less than $500,000
510 286 74 150 0
$500,000 to $999,999 1227 983 62 182 0
$1,000,000 to $1,499,999 1801 1198 261 301 41
$1,500,000 to $1,999,999 1447 918 239 271 19
$2,000,000 to $2,499,999 1186 801 179 183 23
$2,500,000 to $2,999,999 833 601 108 111 12
$3,000,000 to $3,999,999 1390 1058 158 148 26
$4,000,000 to $4,999,999 988 810 73 104 1
$5,000,000 to $7,499,999 1455 1137 124 173 20
$7,500,000 to $9,999,999 631 490 60 71 10
$10,000,000 to $12,499,999 390 338 17 28 7
$12,500,000 to $14,999,999 214 188 9 11 6
$15,000,000 to $19,999,999 215 179 12 18 5
$20,000,000 or more 326 282 13 14 17
Not reported 441 352 32 44 14
Median 2581020 2873128 2164099 1960223 2952516
Mean 4698391 5071308 3307290 3213273 10546754

Traditional First Mortgage Outstanding
Debt

Less than $500,000
1120 740 106 270 4
$500,000 to $999,999 1795 1369 115 296 14
$1,000,000 to $1,499,999 2122 1426 324 319 53
$1,500,000 to $1,999,999 1424 916 214 281 13
$2,000,000 to $2,499,999 1078 811 158 92 17
$2,500,000 to $2,999,999 827 630 91 84 22
$3,000,000 to $3,999,999 1262 963 137 153 9
$4,000,000 to $4,999,999 689 560 53 70 7
$5,000,000 to $7,499,999 1020 794 104 104 18
$7,500,000 to $9,999,999 540 424 57 47 12
$10,000,000 to $12,499,999 254 211 9 30 4
$12,500,000 to $14,999,999 129 120 1 5 2
$15,000,000 to $19,999,999 162 144 11 3 3
$20,000,000 or more 189 161 9 11 8
Not reported 441 352 32 44 14
Median 1945698 2113171 1850668 1495650 2276754
Mean 3515854 3741750 2825273 2505314 6975925

Total Mortgage Outstanding Debt

Less than $500,000
980 630 106 242 2
$500,000 to $999,999 1636 1295 88 240 13
$1,000,000 to $1,499,999 2063 1365 303 353 43
$1,500,000 to $1,999,999 1450 921 237 279 13
$2,000,000 to $2,499,999 1128 839 171 100 18
$2,500,000 to $2,999,999 817 616 92 79 30
$3,000,000 to $3,999,999 1328 1023 141 155 9
$4,000,000 to $4,999,999 738 582 53 98 6
$5,000,000 to $7,499,999 1065 818 109 117 20
$7,500,000 to $9,999,999 574 469 53 43 9
$10,000,000 to $12,499,999 269 217 13 35 3
$12,500,000 to $14,999,999 169 151 1 9 7
$15,000,000 to $19,999,999 142 123 11 3 5
$20,000,000 or more 260 227 12 13 8
Not reported 436 346 32 44 14
Median 2079584 2254719 1917976 1586125 2559837
Mean 3680123 3933264 2859740 2628159 6822754

Current Interest Rate on First Mortgage

Less than 6.0 percent
4781 3521 354 807 98
6.0 percent 57 19 0 37 1
6.1 to 6.4 percent 170 95 38 27 10
6.5 to 6.9 percent 783 407 301 69 6
7.0 percent 938 648 117 166 7
7.1 to 7.4 percent 750 477 148 117 8
7.5 to 7.9 percent 1220 805 244 154 17
8.0 percent 266 189 44 27 6
8.1 to 8.4 percent 481 348 61 71 2
8.5 to 8.9 percent 555 411 42 89 13
9.0 percent 102 76 20 6 1
9.1 to 9.4 percent 235 206 21 4 4
9.5 to 9.9 percent 175 157 0 18 0
10.0 percent 71 52 8 0 12
10.1 to 10.4 percent 76 71 0 3 2
10.5 to 10.9 percent 69 69 0 0 0
11.0 percent 135 135 0 0 0
11.1 to 12.9 percent 243 185 11 47 0
13.0 percent 49 49 0 0 0
13.1 percent or more 1896 1702 13 167 14
Not reported 0 0 0 0 0
Median 7.1 7.2 7.0 6.7 6.2

Type of Interest Rate Buydown

Properties with interest rate
buydown
3 3 0 0 0
Constant payment 3 3 0 0 0
3-2-1 buydown 0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Properties without interest
rate buydown
4813 3055 1012 655 91
Not reported 8236 6562 410 1154 111

Term of First Mortgage

Less than 5 years
89 41 8 40 0
5 years 340 80 245 1 13
6 to 9 years 342 94 245 3 0
10 years 1483 922 357 176 29
11 to 14 years 147 47 50 51 0
15 years 489 273 90 120 6
16 to 19 years 87 19 5 62 0
20 years 175 106 6 56 7
21 to 24 years 148 100 4 37 7
25 years 376 301 0 71 5
26 to 29 years 14 14 0 0 0
30 years 1779 1482 54 216 27
More than 30 years 781 754 2 0 26
No stated term 6802 5388 355 976 83
Median 21 30 10 18 24

Unexpired Term of First Mortgage

Less than 5 years
848 464 291 73 20
5 to 9 years 1911 1078 596 199 38
10 to 14 years 995 707 116 157 14
15 to 19 years 774 547 15 197 15
20 to 24 years 723 579 6 138 1
25 to 29 years 702 566 43 66 28
30 or more years 297 291 0 3 2
No stated term or not computed 6802 5388 355 976 83
Median 12 14 7 15 11

Holder of First Mortgage

Commercial bank or trust company
2350 1731 264 326 29
Savings and loan association, federal
savings bank
1755 1119 144 483 9
Mutual savings bank 334 173 48 113 0
Life insurance company 479 419 33 27 1
Mortgage banker or mortgage company 119 75 26 17 0
Federally-sponsored secondary market
agency or pool
3933 3091 330 453 59
Conventional mortgage pool 83 69 5 5 4
Other federal agency 642 534 21 62 25
Real estate investment trust 736 83 501 141 12
Pension or retirement fund 153 105 7 40 1
Credit union 180 131 13 36 0
Finance company 126 104 3 19 0
State or municipal government or
housing finance agency
1509 1413 15 44 37
Individual or individual's estate 235 206 11 12 5
Other 416 368 0 30 18

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
7062 5377 639 953 94
Less than 40 percent 849 701 45 96 7
40 to 49 percent 227 192 27 3 5
50 to 59 percent 505 367 41 95 2
60 to 69 percent 557 444 74 26 13
70 to 79 percent 864 572 127 163 2
80 to 89 percent 775 578 81 106 9
90 to 94 percent 412 343 18 49 2
95 to 99 percent 437 362 46 29 0
100 percent or more 2157 1610 154 345 46
Not reported 279 206 25 40 7
Median 85 85 79 87 6756
Other properties 5990 4244 782 856 108
Not available 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
7062 5377 639 953 94
Less than 40 percent 634 487 61 79 7
40 to 49 percent 257 168 37 42 9
50 to 59 percent 302 211 42 47 1
60 to 69 percent 2381 2054 129 163 36
70 to 79 percent 973 557 191 217 8
80 to 89 percent 624 458 56 101 8
90 to 94 percent 342 286 11 42 2
95 to 99 percent 340 298 24 18 0
100 percent or more 950 670 62 203 15
Not reported 259 187 25 40 7
Median 69 68 72 76 67
Other properties 5990 4244 782 856 108
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
903 739 100 41 22
Not subprime loan 12150 8881 1321 1768 179
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
2010 0 0 1809 202
Treasury security 381 0 0 376 6
Average cost of funds in bank district 45 0 0 45 0
National average cost of funds 8 0 0 8 0
OTS contract mortgage rate 0 0 0 0 0
Other method 314 0 0 305 9
No index used 37 0 0 3 35
Not reported 1225 0 0 1073 152
Other properties 11042 9620 1422 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
2010 0 0 1809 202
Monthly 49 0 0 48 1
Every 3 months 14 0 0 14 0
Every 6 months 19 0 0 19 0
Yearly 25 0 0 18 7
Every 3 years 28 0 0 28 0
Every 5 years 493 0 0 487 7
Other 109 0 0 92 17
Not reported 1273 0 0 1103 170
Other properties 11042 9620 1422 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
2010 0 0 1809 202
Less than 1 percent 7 0 0 7 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 2 0 0 2 0
2.1 to 2.9 percent 4 0 0 4 0
3 percent 7 0 0 7 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 14 0 0 7 7
No caps 721 0 0 708 13
Not reported 1254 0 0 1073 182
Other properties 11042 9620 1422 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
2010 0 0 1809 202
Less than 1 percent 1 0 0 1 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 3 0 0 3 0
2.1 to 2.9 percent 7 0 0 7 0
3 percent 12 0 0 7 4
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 123 0 0 121 3
No caps 590 0 0 578 13
Not reported 1275 0 0 1093 182
Other properties 11042 9620 1422 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
2010 0 0 1809 202
Yes, rate has changed 307 0 0 290 16
No change since mortgage made 471 0 0 454 17
Not reported 1233 0 0 1065 169
Other properties 11042 9620 1422 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
2010 0 0 1809 202
Less than 1 percent 10 0 0 10 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 47 0 0 44 4
2 percent 47 0 0 47 0
2.1 to 2.9 percent 403 0 0 396 7
3 percent 13 0 0 13 0
3.1 to 3.9 percent 108 0 0 108 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 57 0 0 57 0
Not reported 1324 0 0 1133 191
Median 2.6 0.0 0.0 2.6 2.3
Other properties 11042 9620 1422 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
2010 0 0 1809 202
Can be converted 31 0 0 16 14
Cannot be converted 709 0 0 690 19
Not reported 1271 0 0 1103 168
Other properties 11042 9620 1422 0 0
Not reported 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
23 0 0 22 1
Payments can change monthly 1 0 0 0 1
Payments can change every three months 0 0 0 0 0
Payments can change every six months 3 0 0 3 0
Payments can change yearly 3 0 0 3 0
Payments can change every 3 years 0 0 0 0 0
Payments can change every 5 years 2 0 0 2 0
Other 14 0 0 14 0
Not reported 0 0 0 0 0
Monthly payments cannot
change
11770 9620 1422 698 30
Not reported 1260 0 0 1089 171

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
23 0 0 22 1
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 0 0 0 0 0
No negative amortization allowed 23 0 0 22 1
Not reported 0 0 0 0 0
Monthly payments cannot change 11770 9620 1422 698 30
Not reported 1260 0 0 1089 171

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
12249 8989 1358 1727 175
Interest and principal 12124 8924 1329 1707 164
Fully amortized 8835 7404 16 1291 124
Not fully amortized 3289 1520 1312 416 40
Interest only 125 65 29 20 11
No regular payments required 123 40 37 34 12
Not reported 681 592 26 48 15

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
12124 8924 1329 1707 164
Real estate taxes 4091 2596 935 516 44
Property insurance 1930 1704 119 80 27
Mortgage insurance 638 579 11 47 1
Other 2172 1513 382 238 40
No items included or not reported 7950 6272 393 1188 96
No regular payments of interest
and principal
929 696 93 101 38

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal
12930 9581 1384 1775 190
Less than $100 1639 1186 145 292 17
$100 to $199 4215 2845 670 650 50
$200 to $299 2954 2201 245 439 69
$300 to $399 1366 1013 151 189 13
$400 to $499 766 663 56 39 8
$500 to $599 428 356 31 33 7
$600 to $699 270 239 20 10 1
$700 to $799 158 134 4 19 1
$800 to $899 75 61 12 1 1
$900 to $999 72 63 6 2 1
$1,000 to $1,249 138 122 14 0 2
$1,250 to $1,499 36 33 0 1 1
$1,500 or more 133 73 5 52 3
Not reported 681 592 26 48 15
Median 209 221 180 188 229
Mean 290 299 240 261 469
No regular payments required 123 40 37 34 12

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
12930 9581 1384 1775 190
Up-to-date, ahead of schedule, or
less than 90 days past due
5387 3593 987 722 84
Delinquent by 90 days or more 49 38 3 0 8
Legal proceedings have begun 4 0 0 0 4
Legal proceedings have not begun 44 38 3 0 2
Not reported 1 0 0 0 1
Not reported 7494 5950 394 1053 98
Other properties 123 40 37 34 12

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal
12930 9581 1384 1775 190
Less than $100 2224 1740 163 290 32
$100 to $199 3979 2654 627 650 48
$200 to $299 3060 2253 286 455 67
$300 to $399 1472 1098 153 204 17
$400 to $499 817 699 58 51 8
$500 to $599 443 372 35 29 7
$600 to $699 281 245 22 14 1
$700 to $799 168 144 4 19 1
$800 to $899 87 65 12 8 1
$900 to $999 74 66 6 2 1
$1,000 to $1,249 137 121 14 0 2
$1,250 to $1,499 41 39 0 1 1
$1,500 or more 146 86 5 52 3
Not reported 0 0 0 0 0
Median 209 218 184 192 222
Mean 284 291 242 264 438
No regular payments required 123 40 37 34 12

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

Acquired before 2000 and
regular payments of interest
and/or princi
11276 8246 1255 1609 167
Less than 20 percent 2203 1609 235 333 26
20 to 29 percent 2751 1810 475 418 47
30 to 39 percent 2320 1722 236 321 42
40 to 49 percent 1797 1391 161 221 24
50 to 59 percent 777 614 67 88 9
60 to 69 percent 427 350 11 66 0
70 to 79 percent 230 199 16 7 8
80 to 89 percent 90 84 2 1 3
90 to 99 percent 79 79 0 0 0
100 percent or more 536 354 37 137 8
Not reported or not computed 64 33 14 17 0
Median 33 34 28 31 32
Other properties 1776 1374 167 200 35

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

Acquired before 2000 and regular
payments of interest and/or
principal
11289 8246 1264 1609 170
Less than 20 percent 2079 1521 234 297 26
20 to 29 percent 2570 1690 452 388 40
30 to 39 percent 2318 1715 224 338 42
40 to 49 percent 1880 1449 171 229 31
50 to 59 percent 872 679 85 99 9
60 to 69 percent 486 376 24 86 0
70 to 79 percent 261 218 19 17 8
80 to 89 percent 110 104 2 1 3
90 to 99 percent 98 98 0 0 0
100 percent or more 547 364 37 137 8
Not reported or not computed 68 33 14 17 4
Median 34 35 29 33 34
Other properties 1764 1374 158 200 31

Real Estate Tax Per $1,000 Value

Acquired before 2000
12016 8851 1315 1657 194
Less than $5 1332 1062 158 88 25
$5 to $9 1032 836 72 118 7
$10 to $14 2115 1670 186 222 37
$15 to $19 1592 1175 153 245 19
$20 to $24 1400 1083 131 177 9
$25 to $29 1106 661 191 224 30
$30 to $39 3282 2248 405 569 60
$40 to $49 3 3 0 0 0
$50 to $59 0 0 0 0 0
$60 or more 16 16 0 0 0
Not reported or not computed 138 96 21 14 7
Median 20 18 23 24 23
Acquired 2000 and 2001 (part) 1036 770 106 152 8

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
12016 8851 1315 1657 194
Less than 5 percent 2236 1754 255 187 40
5 to 9 percent 4142 3252 326 494 71
10 to 14 percent 3080 2112 368 562 39
15 to 19 percent 1241 829 220 173 18
20 to 24 percent 556 394 59 98 5
25 to 29 percent 211 163 27 21 0
30 to 34 percent 83 61 12 7 4
35 to 39 percent 23 18 5 0 0
40 percent or more 238 140 9 83 6
Not reported or not computed 206 129 35 31 11
Median 9 9 11 11 9
Acquired 2000 and 2001 (part) 1036 770 106 152 8

Property Management

Property managed by paid property
management company
11202 8302 1223 1498 180
Property not managed by paid property
management company
1360 899 141 301 19
Not reported 490 419 58 10 3

Property Management and Administration
Expenses Per Housing Unit

Acquired before 2000
12016 8851 1315 1657 194
Less than $100 113 81 21 4 6
$100 to $199 466 312 56 88 9
$200 to $299 1009 605 152 229 23
$300 to $399 1445 1099 138 193 15
$400 to $499 1201 923 141 114 23
$500 to $599 1172 818 144 195 14
$600 to $699 777 524 125 115 13
$700 to $799 629 424 50 140 15
$800 to $899 443 323 31 83 6
$900 to $999 349 263 41 43 2
$1,000 to $1,249 862 717 67 63 15
$1,250 to $1,499 457 393 30 22 12
$1,500 to $1,999 559 463 30 53 12
$2,000 to $2,499 276 260 0 14 1
$2,500 or more 295 221 20 46 8
No expenses 732 476 120 132 5
Not reported or not computed 1231 949 148 122 13
Median 568 585 510 538 580
Acquired 2000 and 2001 (part) 1036 770 106 152 8

Maintenance and Repair Expenses
Per Housing Unit

Acquired before 2000
12016 8851 1315 1657 194
Less than $100 188 113 39 35 1
$100 to $199 259 210 17 29 4
$200 to $299 519 363 75 80 1
$300 to $399 707 554 86 55 11
$400 to $499 786 612 109 47 18
$500 to $599 713 458 117 126 12
$600 to $699 682 504 87 80 11
$700 to $799 742 563 65 102 12
$800 to $899 758 476 84 192 6
$900 to $999 498 372 16 78 31
$1,000 to $1,249 1012 777 96 126 13
$1,250 to $1,499 910 649 137 103 22
$1,500 to $1,999 1223 972 94 139 18
$2,000 to $2,499 642 538 24 79 0
$2,500 or more 947 650 92 189 15
No expenses 53 36 5 9 4
Not reported or not computed 1377 1004 174 186 14
Median 892 914 761 892 935
Acquired 2000 and 2001 (part) 1036 770 106 152 8

Utility and Fuel Expenses Per Housing Unit

Acquired before 2000
12016 8851 1315 1657 194
Less than $250 396 318 39 38 0
$250 to $499 1044 768 102 162 12
$500 to $749 2230 1603 248 330 50
$750 to $999 2428 1860 203 335 31
$1,000 to $1,249 2084 1460 283 293 48
$1,250 to $1,499 1028 740 160 114 14
$1,500 to $1,749 567 426 33 101 7
$1,750 to $1,999 247 187 22 37 2
$2,000 to $2,499 253 208 22 17 6
$2,500 or more 305 226 29 45 5
No expenses 112 58 1 48 5
Not reported or not computed 1322 997 173 138 14
Median 917 913 973 903 961
Acquired 2000 and 2001 (part) 1036 770 106 152 8

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