U.S. Department of Commerce

Residential Finance Survey

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Residential Finance Survey: 2001 - Midwest
Table 7-2c. 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
13155 10310 840 1658 348

PROPERTY CHARACTERISTICS


Number of Housing Units

50 to 74 housing units
4455 3264 295 709 188
75 to 99 housing units 1748 1275 145 307 21
100 to 149 housing units 2364 1839 205 245 75
150 to 199 housing units 2598 2344 95 124 35
200 to 299 housing units 1164 896 75 173 20
300 to 499 housing units 657 555 16 77 8
500 to 999 housing units 157 126 8 22 0
1,000 or more housing units 14 11 0 1 1

Manner of Acquisition

By purchase
12272 9681 781 1473 337
Placed one new mortgage 10096 7982 679 1164 270
Placed two or more new mortgages 587 432 28 113 14
Assumed mortgage(s) already on property 958 771 33 134 20
Assumed mortgage(s) already on property
and placed new mortgage
162 128 1 8 25
Borrowed using assets other than this
property as collateral
111 100 0 11 0
Paid all cash-no borrowing 241 176 19 42 5
Other manner 116 92 21 1 3
By inheritance or gift 76 43 13 13 8
By divorce 0 0 0 0 0
By tax free exchange of
other property
111 99 0 12 0
By foreclosure or assignment 38 30 6 2 0
By some other manner 253 131 15 107 0
Not reported 407 327 26 51 3

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
4031 2818 374 675 164
Sale of stock or other partnership
shares for this project
422 326 47 40 9
Sale of previously owned stocks,
shares, or other securities
63 29 31 3 0
Sale of land or other real estate 424 317 75 33 0
Owner's cash, bank deposits,
share accounts, or bonds
1799 1289 96 316 98
Borrowing from a retirement plan 12 12 0 0 0
Borrowing using assets other than this
property as collateral
348 264 33 26 25
Proceeds from an insurance policy 6 6 0 0 0
From a state or local government source 31 24 0 0 7
From a non-profit organization 14 12 2 0 0
Proceeds from sale of tax credits 203 158 7 30 7
From parents or relatives 29 2 0 27 0
Other cash source 284 209 9 62 3
Non-cash source 19 19 0 0 0
No downpayment required 246 135 47 60 5
Not reported 536 388 34 98 16
Other properties 8988 7380 462 965 181
Not reported 136 112 4 17 3

Year Property Acquired

1999 to 2001 (part)
1666 1158 201 236 70
1997 and 1998 1725 1239 127 338 21
1995 and 1996 954 681 55 143 75
1990 to 1994 1444 1036 178 174 57
1985 to 1989 1734 1349 131 222 32
1980 to 1984 1615 1354 46 209 6
1975 to 1979 2847 2534 51 186 76
1970 to 1974 817 696 27 94 1
1969 or earlier 354 263 26 57 9

Property New or Previously Owned When
Acquired

Acquired by purchase
12272 9681 781 1473 337
New 6318 5225 336 649 108
Previously owned 5758 4298 443 789 229
As residential property 5567 4153 429 759 226
Converted from nonresidential use 191 145 14 30 3
Other 129 124 0 6 0
Not reported 66 35 2 29 0
Other properties 477 302 34 134 8
Not reported 407 327 26 51 3

Year Structure Built

1999 to March 2000
258 181 23 41 14
1997 and 1998 555 380 53 114 7
1995 and 1996 512 348 14 105 45
1990 to 1994 834 613 136 76 9
1980 to 1989 2802 2185 214 359 44
1970 to 1979 5260 4377 205 553 125
1960 to 1969 1639 1322 70 177 70
1950 to 1959 235 112 37 64 21
1940 to 1949 141 82 52 8 0
1939 or earlier 919 709 36 162 12

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
3144 2196 321 539 89
Less than $20,000 655 386 88 154 28
$20,000 to $39,999 1659 1142 186 289 42
$40,000 to $59,999 441 353 26 51 11
$60,000 to $79,999 241 196 16 21 9
$80,000 to $99,999 74 54 5 15 0
$100,000 to $124,999 15 13 0 2 0
$125,000 to $149,999 24 24 0 0 0
$150,000 to $174,999 4 4 0 0 0
$175,000 to $199,999 13 13 0 0 0
$200,000 to $249,999 3 0 0 3 0
$250,000 to $299,999 4 1 0 2 0
$300,000 to $499,999 5 3 0 1 0
$500,000 or more 0 0 0 0 0
Median 31017 32413 27806 27998 28056
Mean 35419 37468 28750 32088 29164
Other properties 10011 8114 519 1119 259

Value

Less than $1,000,000
582 339 30 205 8
$1,000,000 to $1,999,999 2223 1735 113 339 36
$2,000,000 to $2,999,999 2085 1510 122 321 131
$3,000,000 to $3,999,999 1688 1252 191 171 75
$4,000,000 to $4,999,999 988 782 86 107 13
$5,000,000 to $7,499,999 1799 1356 184 219 41
$7,500,000 to $9,999,999 702 585 52 62 3
$10,000,000 to $14,999,999 2254 2067 30 127 30
$15,000,000 to $19,999,999 400 330 17 48 5
$20,000,000 to $29,999,999 263 214 4 40 4
$30,000,000 to $39,999,999 83 68 7 7 1
$40,000,000 to $49,999,999 40 30 3 6 0
$50,000,000 or more 48 41 0 6 1
Median 3999613 4407494 3810360 2885750 2992069
Mean 6088956 6410775 4955580 4993082 4510381

Value Per Housing Unit@8

Less than $20,000
1688 1192 106 333 56
$20,000 to $39,999 5497 4197 349 788 163
$40,000 to $59,999 4242 3558 288 351 45
$60,000 to $79,999 1042 812 64 95 70
$80,000 to $99,999 252 183 6 56 7
$100,000 to $124,999 156 143 8 6 0
$125,000 to $149,999 125 99 15 11 0
$150,000 to $174,999 51 47 0 4 0
$175,000 to $199,999 43 33 0 3 7
$200,000 to $249,999 20 8 3 9 0
$250,000 to $299,999 22 20 0 2 0
$300,000 to $499,999 17 17 0 0 0
$500,000 or more 0 0 0 0 0
Median 37790 38881 37989 32581 34426
Mean 42274 43151 41101 37413 42273

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
7479 5836 453 959 231
Less than $50,000 2343 1621 165 471 86
$50,000 to $99,999 1541 1262 97 116 65
$100,000 to $249,999 1976 1593 127 212 44
$250,000 to $499,999 784 671 21 81 10
$500,000 to $749,999 299 257 15 22 5
$750,000 to $999,999 118 102 5 11 0
$1,000,000 to $1,499,999 165 138 9 12 6
$1,500,000 to $1,999,999 67 37 3 14 13
$2,000,000 to $2,999,999 51 41 0 10 0
$3,000,000 or more 134 114 10 9 1
Median 95326 103285 81672 53586 72996
Mean 370752 401510 236280 275942 251178
Properties with no capital
improvements between 1998 and 2000
3916 3094 256 474 92
Capital improvements not
reported
1760 1380 131 225 24

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
7479 5836 453 959 231
Less than $500 2317 1601 215 437 63
$500 to $999 1784 1408 76 201 99
$1,000 to $2,499 2383 2015 111 210 46
$2,500 to $4,999 559 454 28 67 10
$5,000 to $7,499 180 161 6 12 1
$7,500 to $9,999 66 51 0 16 0
$10,000 to $14,999 65 41 7 5 12
$15,000 to $19,999 24 11 8 5 0
$20,000 to $29,999 17 17 0 0 0
$30,000 or more 84 78 2 5 0
Median 899 968 573 605 766
Mean 2802 3162 1509 1560 1407
Properties with no capital
improvements between 1998 and 2000
3916 3094 256 474 92
Capital improvements not
reported
1760 1380 131 225 24

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
12183 9609 674 1558 342
Less than $100 179 163 10 3 3
$100 to $199 344 238 14 92 0
$200 to $299 669 519 24 73 52
$300 to $399 1592 1204 82 300 6
$400 to $499 1987 1422 228 299 38
$500 to $599 2351 1711 157 400 83
$600 to $799 1599 1375 65 148 12
$800 to $999 2669 2358 29 146 136
$1000 or more 786 618 66 91 11
No rental receipts 8 1 0 7 0
Median 556 573 491 502 586
Mean 617 609 699 631 611
Acquired 2000 and 2001 (part) 972 701 166 100 6

Rental Receipts as Percent of Value@8

Acquired before 2000
12183 9609 674 1558 342
Less than 5 percent 150 122 16 12 0
5 to 9 percent 427 351 12 53 10
10 to 14 percent 2769 1930 212 510 117
15 to 19 percent 5065 4352 227 431 54
20 to 24 percent 1682 1365 93 216 8
25 to 29 percent 876 689 28 64 95
30 to 39 percent 662 431 53 127 51
40 percent or more 546 367 35 138 6
Median 18 18 17 17 19
Acquired 2000 and 2001 (part) 972 701 166 100 6

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
12183 9609 674 1558 342
Less than 1.0 percent 1315 1043 108 134 30
1.0 to 2.9 percent 2258 1741 113 330 75
3.0 to 4.9 percent 1901 1520 89 231 61
5.0 to 6.9 percent 1084 783 121 126 53
7.0 to 8.9 percent 2179 1962 31 169 16
9.0 to 10.9 percent 664 513 86 66 0
11.0 to 12.9 percent 402 328 20 41 13
13.0 to 14.9 percent 131 100 3 26 1
15.0 percent or more 603 458 14 112 19
Not reported or not computed 1647 1162 89 323 74
Median 4.8 4.9 4.6 4.3 4.0
Acquired 2000 and 2001 (part) 972 701 166 100 6

Age Restrictions

Property restricted to people
age 55 or older
2940 2391 172 361 16
Property not restricted to people
age 55 or older
9833 7642 664 1200 327
Not reported 382 277 4 97 4

Age Composition

Over one-half the residents of the
building age 55 or older
891 706 45 123 16
Over one-half the residents of the
building not age 55 or older
8694 6758 606 1017 313
Not reported 3570 2845 189 517 19

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

Property provides meal service
1845 1470 111 248 16
Charge included in rent 1226 949 104 167 5
Charge not included in rent 275 217 2 47 9
Not reported 344 304 5 34 2
Property does not provide meal
service
1885 1528 83 258 16
Not reported 9425 7311 647 1152 315

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
1189 1016 21 124 28
Government rental subsidy 3164 2541 115 419 89
Government grant 191 180 0 11 0
Property tax relief 800 572 56 139 32
Federal income tax credit for
low-income, old or historic properties
696 461 74 82 80
Accelerated federal income tax
depreciation for low- and
moderate-income properties
290 248 0 42 0
Subsidy from a non-profit corporation 219 180 9 25 5
None of the above benefits 7975 6254 564 976 180
Not reported 862 627 62 157 16

Source of Property Benefits@1

With property benefits
4319 3429 214 524 152
Federal government 3491 2776 164 444 107
State government 563 471 18 49 25
Local government 470 314 36 105 14
Non-profit corporation 219 180 9 25 5
Not reported 143 137 2 4 0
With no property benefits 7975 6254 564 976 180
Not reported 862 627 62 157 16

Reason for Benefits@1

With property benefits
4319 3429 214 524 152
Occupied by low- or moderate-income
individuals
3658 2925 157 448 128
Occupied by elderly or disabled
individuals
1816 1499 78 230 10
A historic structure 109 84 7 18 0
Located in a community development or
economic development area
263 215 27 22 0
Covered by a Homestead Exemption 39 12 0 27 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 90 76 5 3 6
Not reported 127 104 5 2 16
With no property benefits 7975 6254 564 976 180
Not reported 862 627 62 157 16

Section 8 Rental Housing Certificates
and Vouchers

Property did or does have tenants
receiving Section 8 assistance
5147 4026 267 752 102
Property has never had tenants
receiving Section 8 assistance
7173 5713 497 763 200
Not reported 835 571 77 143 46

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
1710 1278 140 267 24
Limited partnership 4965 3826 280 650 210
Joint venture 108 68 0 40 0
General partnership 1252 900 130 184 37
Life insurance company 13 3 0 10 0
Depository institution 0 0 0 0 0
Public real estate investment trust 226 217 4 0 5
Private real estate investment trust 72 66 6 0 0
Corporation - other than real estate
investment trust
3323 2818 162 297 46
Housing cooperative organization 42 35 6 1 0
Non-profit or church-related institution 983 775 44 147 17
Pension fund 20 15 0 5 0
Fraternal organization 9 4 0 6 0
Other 432 305 68 50 8

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
6 6 0 0 0
By telephone or FAX 1317 1024 56 200 38
By regular mail 958 721 111 116 10
By personal visit 4775 3292 478 873 132
Through third party (such as real
estate agent or builder)
3602 3298 79 186 39
Some other way 788 570 53 87 78
Not reported 1153 961 46 120 26
Not available 556 437 18 76 25

Origin of First Mortgage

Mortgage made at time property acquired
7475 5558 592 1081 244
Mortgage assumed at the time property
acquired
856 689 26 102 39
Mortgage placed later than acquisition of
property
4824 4063 221 474 66
Refinanced mortgage 4613 3904 220 426 63
Same lender 879 663 88 97 32
Different lender 3733 3242 132 329 31
Mortgage placed on property
owned free and clear of debt
212 158 2 49 3
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
4824 4063 221 474 66
Obtain lower interest rate 3080 2667 112 287 14
Increase payment period for mortgage 91 81 9 1 0
Reduce payment period for mortgage 15 15 0 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
461 393 21 28 19
Receive cash or increase outstanding
balance of loan
656 506 36 83 32
Other reason 458 343 41 73 1
Not reported 64 59 2 3 0
Other properties 8331 6247 619 1183 282
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
2908 2520 94 251 43
Less than $1,000,000 804 560 65 145 34
$1,000,000 to $1,999,999 1729 1684 20 21 3
$2,000,000 to $2,999,999 89 51 1 37 0
$3,000,000 to $3,999,999 103 67 8 27 0
$4,000,000 to $4,999,999 76 60 0 12 5
$5,000,000 to $7,499,999 24 20 0 4 0
$7,500,000 to $9,999,999 32 29 0 3 0
$10,000,000 to $14,999,999 6 4 0 1 0
$15,000,000 to $19,999,999 21 20 0 0 1
$20,000,000 to $29,999,999 21 21 0 0 0
$30,000,000 to $39,999,999 0 0 0 0 0
$40,000,000 to $49,999,999 0 0 0 0 0
$50,000,000 or more 3 3 0 0 0
Not reported 0 0 0 0 0
Median 1375894 1415257 727121 866703 629563
Mean 1659754 1713858 847213 1443117 1534126
Properties that refinanced
and did not receive cash back
1624 1300 112 189 23
Properties that refinanced
and did not report if received
cash back
293 244 15 34 0
Properties that did not
refinance
8331 6247 619 1183 282
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
2908 2520 94 251 43
For additions, improvements or repairs
to this property
2133 1956 54 111 11
To consolidate debts 150 108 5 33 4
For investment in other real estate 1964 1812 26 101 25
For other types of investments 274 203 18 22 32
For educational or medical expenses 0 0 0 0 0
To start a business 0 0 0 0 0
To settle a divorce 4 4 0 0 0
To pay taxes 11 5 0 0 6
To purchase an automobile, truck, or
other vehicle
2 2 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
57 57 0 0 0
Other 258 203 9 38 9
Not reported 47 46 0 1 0
Properties that refinanced
and did not receive cash back
1624 1300 112 189 23
Properties that refinanced
and did not report if received
cash back
293 244 15 34 0
Properties that did not
refinance
8331 6247 619 1183 282
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
2922 2003 330 483 106
1997 and 1998 4223 3411 229 524 59
1995 and 1996 1336 1042 91 154 50
1990 to 1994 1347 1028 109 184 27
1985 to 1989 953 809 19 100 25
1980 to 1984 1068 932 22 112 2
1979 or earlier 1306 1085 39 103 79

First Mortgage Insurance Status

FHA-insured first mortgage
1463 1304 54 74 32
VA-guaranteed first mortgage 0 0 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
516 467 18 25 6
Other federal, state, or local
government-insured or guaranteed
first mortgage
2151 2000 37 100 14
Insured conventional first mortgage 806 578 30 154 44
Uninsured conventional first mortgage 8218 5961 701 1305 252
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $500,000
644 477 46 119 3
$500,000 to $999,999 990 682 39 235 33
$1,000,000 to $1,499,999 1599 1113 132 252 102
$1,500,000 to $1,999,999 1594 1202 88 238 66
$2,000,000 to $2,499,999 990 764 78 103 45
$2,500,000 to $2,999,999 899 685 74 128 13
$3,000,000 to $3,999,999 1282 971 140 165 6
$4,000,000 to $4,999,999 905 747 111 33 14
$5,000,000 to $7,499,999 2581 2365 61 133 22
$7,500,000 to $9,999,999 483 355 14 104 11
$10,000,000 to $12,499,999 308 258 9 32 9
$12,500,000 to $14,999,999 188 153 12 17 6
$15,000,000 to $19,999,999 128 110 0 18 0
$20,000,000 or more 157 131 6 16 4
Not reported 405 297 31 64 13
Median 2809826 3085615 2647350 1901289 1720706
Mean 4113924 4345105 3218904 3360389 2950173

Total Mortgage Loan

Less than $500,000
467 406 21 36 3
$500,000 to $999,999 1028 624 64 306 33
$1,000,000 to $1,499,999 1605 1128 127 252 97
$1,500,000 to $1,999,999 1487 1118 93 235 41
$2,000,000 to $2,499,999 944 710 75 110 50
$2,500,000 to $2,999,999 839 672 30 123 13
$3,000,000 to $3,999,999 1417 1060 186 165 6
$4,000,000 to $4,999,999 1002 821 103 41 37
$5,000,000 to $7,499,999 2622 2393 69 136 25
$7,500,000 to $9,999,999 514 391 10 104 9
$10,000,000 to $12,499,999 312 271 12 28 1
$12,500,000 to $14,999,999 193 146 12 21 14
$15,000,000 to $19,999,999 140 118 2 20 0
$20,000,000 or more 180 153 6 16 5
Not reported 405 297 31 64 13
Median 3003801 3327271 2918936 1929430 1914508
Mean 4270473 4508113 3322312 3459581 3314961

Traditional First Mortgage Outstanding
Debt

Less than $500,000
1230 960 59 186 24
$500,000 to $999,999 1597 1122 68 316 91
$1,000,000 to $1,499,999 1687 1175 107 325 80
$1,500,000 to $1,999,999 1376 1100 98 119 59
$2,000,000 to $2,499,999 932 701 80 143 9
$2,500,000 to $2,999,999 816 584 121 104 6
$3,000,000 to $3,999,999 1051 823 146 75 6
$4,000,000 to $4,999,999 751 653 48 43 8
$5,000,000 to $7,499,999 2306 2082 52 149 22
$7,500,000 to $9,999,999 409 312 12 74 11
$10,000,000 to $12,499,999 234 202 1 19 10
$12,500,000 to $14,999,999 144 114 12 14 5
$15,000,000 to $19,999,999 101 89 0 12 0
$20,000,000 or more 117 93 6 15 4
Not reported 405 297 31 64 13
Median 2260474 2462221 2453277 1454914 1326924
Mean 3572610 3766887 2895778 2904792 2577267

Total Mortgage Outstanding Debt

Less than $500,000
999 826 57 95 21
$500,000 to $999,999 1648 1092 67 395 94
$1,000,000 to $1,499,999 1619 1156 110 304 50
$1,500,000 to $1,999,999 1296 1001 98 137 59
$2,000,000 to $2,499,999 955 723 75 143 13
$2,500,000 to $2,999,999 804 612 82 104 6
$3,000,000 to $3,999,999 1176 889 189 94 4
$4,000,000 to $4,999,999 863 740 40 47 36
$5,000,000 to $7,499,999 2363 2130 60 151 22
$7,500,000 to $9,999,999 426 335 8 74 9
$10,000,000 to $12,499,999 232 197 4 21 10
$12,500,000 to $14,999,999 141 109 13 14 5
$15,000,000 to $19,999,999 116 103 1 12 0
$20,000,000 or more 138 111 6 16 5
Not reported 381 285 31 52 13
Median 2432250 2674648 2488430 1533036 1519372
Mean 3612660 3811378 2883767 2910925 2827406

Current Interest Rate on First Mortgage

Less than 6.0 percent
4898 3382 468 759 290
6.0 percent 125 34 0 91 0
6.1 to 6.4 percent 113 108 3 3 0
6.5 to 6.9 percent 329 284 7 37 0
7.0 percent 958 690 17 251 0
7.1 to 7.4 percent 555 485 40 30 0
7.5 to 7.9 percent 2381 2182 84 114 0
8.0 percent 304 209 69 27 0
8.1 to 8.4 percent 558 448 48 41 21
8.5 to 8.9 percent 455 332 68 55 0
9.0 percent 292 280 13 0 0
9.1 to 9.4 percent 100 92 0 8 0
9.5 to 9.9 percent 94 64 10 19 0
10.0 percent 63 58 0 0 5
10.1 to 10.4 percent 48 48 0 0 0
10.5 to 10.9 percent 59 58 0 1 0
11.0 percent 85 85 0 0 0
11.1 to 12.9 percent 245 199 0 20 25
13.0 percent 22 22 0 0 0
13.1 percent or more 1470 1249 12 202 7
Not reported 0 0 0 0 0
Median 7.2 7.5 5.4 6.1 3.6

Type of Interest Rate Buydown

Properties with interest rate
buydown
23 23 0 0 0
Constant payment 1 1 0 0 0
3-2-1 buydown 5 5 0 0 0
Other 16 16 0 0 0
Not reported 0 0 0 0 0
Properties without interest
rate buydown
5067 4128 327 557 55
Not reported 8065 6159 513 1100 293

Term of First Mortgage

Less than 5 years
57 15 37 4 0
5 years 284 134 85 30 35
6 to 9 years 124 94 30 0 0
10 years 2313 2126 33 153 0
11 to 14 years 114 36 28 50 0
15 years 317 233 33 52 0
16 to 19 years 97 68 19 8 3
20 years 271 181 12 75 3
21 to 24 years 34 34 0 0 0
25 years 236 99 9 128 0
26 to 29 years 29 29 0 0 0
30 years 1682 1462 51 132 38
More than 30 years 829 820 4 5 0
No stated term 6769 4979 499 1022 270
Median 16 18 11 20 20

Unexpired Term of First Mortgage

Less than 5 years
665 403 134 93 35
5 to 9 years 2696 2405 92 200 0
10 to 14 years 613 543 35 35 0
15 to 19 years 465 335 33 91 5
20 to 24 years 683 608 0 49 26
25 to 29 years 1077 852 45 169 11
30 or more years 187 184 3 0 0
No stated term or not computed 6769 4979 499 1022 270
Median 10 10 7 14 19

Holder of First Mortgage

Commercial bank or trust company
2327 1437 309 477 105
Savings and loan association, federal
savings bank
1267 780 114 363 10
Mutual savings bank 166 126 8 32 0
Life insurance company 723 670 35 14 5
Mortgage banker or mortgage company 50 50 0 0 0
Federally-sponsored secondary market
agency or pool
5510 4476 275 543 216
Conventional mortgage pool 120 93 27 0 0
Other federal agency 898 827 27 38 5
Real estate investment trust 15 15 0 0 0
Pension or retirement fund 112 108 0 4 0
Credit union 354 279 3 71 0
Finance company 75 48 0 27 0
State or municipal government or
housing finance agency
699 638 3 55 2
Individual or individual's estate 368 355 2 11 0
Other 470 407 36 23 5

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
7569 5692 579 1019 279
Less than 40 percent 377 278 28 71 0
40 to 49 percent 174 161 2 12 0
50 to 59 percent 414 272 58 34 51
60 to 69 percent 653 512 41 77 23
70 to 79 percent 757 592 40 107 18
80 to 89 percent 1176 809 174 167 27
90 to 94 percent 447 257 14 88 88
95 to 99 percent 338 277 1 55 4
100 percent or more 2904 2283 192 374 56
Not reported 328 251 30 35 13
Median 91 92 86 91 91
Other properties 5586 4618 261 639 68
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
7569 5692 579 1019 279
Less than 40 percent 281 161 41 80 0
40 to 49 percent 93 63 6 6 18
50 to 59 percent 303 226 55 13 8
60 to 69 percent 1971 1679 69 157 67
70 to 79 percent 948 660 61 183 45
80 to 89 percent 1069 701 212 149 8
90 to 94 percent 440 251 14 84 91
95 to 99 percent 221 160 1 55 4
100 percent or more 1969 1588 91 263 27
Not reported 274 202 30 29 13
Median 80 79 82 84 79
Other properties 5586 4618 261 639 68
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
600 504 34 43 19
Not subprime loan 12555 9805 806 1615 329
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
2005 0 0 1658 348
Treasury security 417 0 0 417 0
Average cost of funds in bank district 18 0 0 18 0
National average cost of funds 8 0 0 8 0
OTS contract mortgage rate 0 0 0 0 0
Other method 123 0 0 100 23
No index used 26 0 0 0 26
Not reported 1413 0 0 1115 299
Other properties 11150 10310 840 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
2005 0 0 1658 348
Monthly 98 0 0 78 21
Every 3 months 8 0 0 8 0
Every 6 months 0 0 0 0 0
Yearly 319 0 0 319 0
Every 3 years 71 0 0 71 0
Every 5 years 66 0 0 66 0
Other 20 0 0 13 7
Not reported 1422 0 0 1102 320
Other properties 11150 10310 840 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
2005 0 0 1658 348
Less than 1 percent 13 0 0 13 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 204 0 0 204 0
2.1 to 2.9 percent 0 0 0 0 0
3 percent 3 0 0 3 0
3.1 to 3.9 percent 5 0 0 5 0
4.0 percent or more 17 0 0 17 0
No caps 292 0 0 268 24
Not reported 1471 0 0 1148 324
Other properties 11150 10310 840 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
2005 0 0 1658 348
Less than 1 percent 8 0 0 8 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 0 0 0 0 0
2.1 to 2.9 percent 0 0 0 0 0
3 percent 0 0 0 0 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 255 0 0 255 0
No caps 296 0 0 254 42
Not reported 1446 0 0 1140 306
Other properties 11150 10310 840 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
2005 0 0 1658 348
Yes, rate has changed 485 0 0 459 26
No change since mortgage made 123 0 0 97 26
Not reported 1397 0 0 1102 295
Other properties 11150 10310 840 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
2005 0 0 1658 348
Less than 1 percent 15 0 0 10 6
1 percent 0 0 0 0 0
1.1 to 1.9 percent 18 0 0 17 1
2 percent 45 0 0 45 0
2.1 to 2.9 percent 250 0 0 232 18
3 percent 60 0 0 60 0
3.1 to 3.9 percent 136 0 0 136 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 11 0 0 11 0
Not reported 1469 0 0 1146 323
Median 2.8 0.0 0.0 2.8 2.4
Other properties 11150 10310 840 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
2005 0 0 1658 348
Can be converted 17 0 0 14 3
Cannot be converted 540 0 0 507 33
Not reported 1449 0 0 1137 312
Other properties 11150 10310 840 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
7 0 0 7 0
Payments can change monthly 0 0 0 0 0
Payments can change every three months 0 0 0 0 0
Payments can change every six months 0 0 0 0 0
Payments can change yearly 7 0 0 7 0
Payments can change every 3 years 0 0 0 0 0
Payments can change every 5 years 0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Monthly payments cannot
change
11720 10310 840 518 52
Not reported 1428 0 0 1132 296

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
7 0 0 7 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 0 0 0 0 0
No negative amortization allowed 7 0 0 7 0
Not reported 0 0 0 0 0
Monthly payments cannot change 11720 10310 840 518 52
Not reported 1428 0 0 1132 296

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
12549 9867 794 1561 327
Interest and principal 12490 9835 775 1558 323
Fully amortized 9866 8234 11 1321 299
Not fully amortized 2624 1600 764 236 23
Interest only 59 32 19 4 4
No regular payments required 58 24 12 14 8
Not reported 549 419 35 82 13

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
12490 9835 775 1558 323
Real estate taxes 3886 3554 138 174 20
Property insurance 3343 3093 122 108 20
Mortgage insurance 2194 2190 0 4 0
Other 2823 2667 67 89 0
No items included or not reported 8570 6248 635 1384 303
No regular payments of interest
and principal
666 475 65 100 25

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal
13097 10286 829 1643 340
Less than $100 1672 1252 68 289 62
$100 to $199 4080 3014 305 611 150
$200 to $299 4544 3806 286 420 32
$300 to $399 1193 925 59 140 70
$400 to $499 534 460 21 39 14
$500 to $599 249 219 18 13 0
$600 to $699 72 46 10 15 0
$700 to $799 22 19 3 0 0
$800 to $899 33 24 8 1 0
$900 to $999 15 5 0 10 0
$1,000 to $1,249 45 28 0 18 0
$1,250 to $1,499 27 16 6 5 0
$1,500 or more 61 52 10 0 0
Not reported 549 419 35 82 13
Median 212 218 208 180 168
Mean 239 242 281 207 191
No regular payments required 58 24 12 14 8

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
13097 10286 829 1643 340
Up-to-date, ahead of schedule, or
less than 90 days past due
5585 4670 319 549 47
Delinquent by 90 days or more 10 10 0 0 0
Legal proceedings have begun 3 3 0 0 0
Legal proceedings have not begun 7 7 0 0 0
Not reported 0 0 0 0 0
Not reported 7503 5606 510 1095 293
Other properties 58 24 12 14 8

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal
13097 10286 829 1643 340
Less than $100 2046 1545 102 345 54
$100 to $199 4036 2994 262 636 145
$200 to $299 4657 3852 330 418 58
$300 to $399 1267 996 58 144 70
$400 to $499 535 464 18 39 14
$500 to $599 276 242 21 13 0
$600 to $699 62 45 4 12 0
$700 to $799 32 19 11 3 0
$800 to $899 32 24 8 0 0
$900 to $999 12 5 0 8 0
$1,000 to $1,249 47 30 0 18 0
$1,250 to $1,499 27 16 6 5 0
$1,500 or more 67 54 10 4 0
Not reported 0 0 0 0 0
Median 210 216 215 175 180
Mean 235 238 275 207 197
No regular payments required 58 24 12 14 8

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

Acquired before 2000 and
regular payments of interest
and/or princi
11649 9214 648 1465 321
Less than 20 percent 1330 966 50 215 99
20 to 29 percent 1813 1459 78 233 42
30 to 39 percent 3986 3335 186 391 74
40 to 49 percent 2196 1713 155 317 11
50 to 59 percent 1290 946 121 149 74
60 to 69 percent 510 404 15 77 14
70 to 79 percent 119 82 9 21 7
80 to 89 percent 65 53 0 12 0
90 to 99 percent 36 33 0 3 0
100 percent or more 294 222 32 40 0
Not reported or not computed 8 1 0 7 0
Median 37 37 41 37 33
Other properties 1507 1095 192 192 27

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

Acquired before 2000 and regular
payments of interest and/or
principal
11672 9234 650 1465 322
Less than 20 percent 1229 875 52 202 99
20 to 29 percent 1660 1348 62 233 17
30 to 39 percent 3907 3332 198 302 75
40 to 49 percent 2246 1770 102 341 33
50 to 59 percent 1422 1020 180 145 76
60 to 69 percent 657 473 15 155 14
70 to 79 percent 119 82 9 21 7
80 to 89 percent 68 57 0 12 0
90 to 99 percent 58 55 0 3 0
100 percent or more 298 222 32 44 0
Not reported or not computed 8 1 0 7 0
Median 38 37 41 40 36
Other properties 1483 1075 190 192 25

Real Estate Tax Per $1,000 Value

Acquired before 2000
12183 9609 674 1558 342
Less than $5 1199 924 79 174 22
$5 to $9 1120 847 43 155 75
$10 to $14 2410 1756 188 426 41
$15 to $19 3777 3233 159 346 39
$20 to $24 1446 1111 107 134 94
$25 to $29 985 799 53 125 9
$30 to $39 1088 794 44 187 62
$40 to $49 8 8 0 0 0
$50 to $59 0 0 0 0 0
$60 or more 19 12 0 7 0
Not reported or not computed 132 126 1 4 0
Median 17 17 16 15 19
Acquired 2000 and 2001 (part) 972 701 166 100 6

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
12183 9609 674 1558 342
Less than 5 percent 1941 1477 121 297 47
5 to 9 percent 5831 4707 244 713 167
10 to 14 percent 3215 2485 228 381 122
15 to 19 percent 718 546 75 90 7
20 to 24 percent 228 169 4 55 0
25 to 29 percent 21 21 0 0 0
30 to 34 percent 10 10 0 0 0
35 to 39 percent 5 5 0 0 0
40 percent or more 74 62 1 12 0
Not reported or not computed 139 127 1 11 0
Median 8 8 9 8 9
Acquired 2000 and 2001 (part) 972 701 166 100 6

Property Management

Property managed by paid property
management company
11640 9221 682 1405 332
Property not managed by paid property
management company
1159 847 144 155 13
Not reported 357 242 14 98 3

Property Management and Administration
Expenses Per Housing Unit

Acquired before 2000
12183 9609 674 1558 342
Less than $100 54 50 0 4 0
$100 to $199 468 377 21 63 6
$200 to $299 1152 866 32 237 16
$300 to $399 1643 1356 96 160 31
$400 to $499 2825 2418 170 144 92
$500 to $599 851 677 54 113 8
$600 to $699 580 490 24 34 32
$700 to $799 370 290 41 27 12
$800 to $899 328 287 2 38 0
$900 to $999 422 256 24 117 25
$1,000 to $1,249 837 643 26 148 20
$1,250 to $1,499 553 448 19 67 19
$1,500 to $1,999 340 246 31 18 45
$2,000 to $2,499 43 32 2 8 1
$2,500 or more 211 171 20 18 2
No expenses 551 352 56 143 0
Not reported or not computed 956 651 56 217 32
Median 472 468 477 493 606
Acquired 2000 and 2001 (part) 972 701 166 100 6

Maintenance and Repair Expenses
Per Housing Unit

Acquired before 2000
12183 9609 674 1558 342
Less than $100 211 176 14 15 7
$100 to $199 525 412 36 46 32
$200 to $299 464 314 28 84 38
$300 to $399 645 535 42 62 7
$400 to $499 787 539 43 198 7
$500 to $599 948 794 31 112 11
$600 to $699 596 398 54 134 10
$700 to $799 761 599 44 106 12
$800 to $899 1958 1807 41 105 5
$900 to $999 539 412 36 78 12
$1,000 to $1,249 1267 1002 93 114 58
$1,250 to $1,499 803 687 23 60 33
$1,500 to $1,999 863 631 34 180 19
$2,000 to $2,499 169 126 16 28 0
$2,500 or more 333 233 13 15 72
No expenses 117 98 0 17 2
Not reported or not computed 1196 846 126 205 19
Median 825 831 759 716 1092
Acquired 2000 and 2001 (part) 972 701 166 100 6

Utility and Fuel Expenses Per Housing Unit

Acquired before 2000
12183 9609 674 1558 342
Less than $250 894 680 59 147 9
$250 to $499 3677 2779 272 455 170
$500 to $749 3881 3313 110 436 22
$750 to $999 1205 943 37 169 56
$1,000 to $1,249 746 607 31 95 13
$1,250 to $1,499 220 154 25 41 0
$1,500 to $1,749 98 75 0 2 21
$1,750 to $1,999 40 40 0 0 0
$2,000 to $2,499 14 12 2 0 0
$2,500 or more 87 35 14 13 25
No expenses 151 147 0 2 2
Not reported or not computed 1171 824 126 197 24
Median 555 565 448 544 469
Acquired 2000 and 2001 (part) 972 701 166 100 6

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