U.S. Department of Commerce

Residential Finance Survey

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Residential Finance Survey: 2001 - West
Table 7-2e. 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
14812 10657 954 3010 191

PROPERTY CHARACTERISTICS


Number of Housing Units

50 to 74 housing units
4863 3288 231 1293 51
75 to 99 housing units 2776 1920 203 623 30
100 to 149 housing units 3234 2387 245 569 32
150 to 199 housing units 1314 1049 67 180 18
200 to 299 housing units 1611 1266 108 212 24
300 to 499 housing units 795 580 77 109 29
500 to 999 housing units 201 152 22 19 8
1,000 or more housing units 17 14 0 3 0

Manner of Acquisition

By purchase
13353 9557 831 2783 181
Placed one new mortgage 10045 7264 580 2071 129
Placed two or more new mortgages 1061 701 84 261 16
Assumed mortgage(s) already on property 1424 965 130 319 11
Assumed mortgage(s) already on property
and placed new mortgage
264 173 9 81 1
Borrowed using assets other than this
property as collateral
75 73 0 1 1
Paid all cash-no borrowing 341 258 19 41 23
Other manner 141 123 9 9 0
By inheritance or gift 92 62 2 28 0
By divorce 16 14 0 2 0
By tax free exchange of
other property
445 283 81 81 0
By foreclosure or assignment 111 87 8 12 4
By some other manner 235 189 11 35 0
Not reported 559 465 20 69 6

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
6736 4788 457 1388 102
Sale of stock or other partnership
shares for this project
753 510 59 181 2
Sale of previously owned stocks,
shares, or other securities
86 51 20 14 1
Sale of land or other real estate 962 625 114 205 18
Owner's cash, bank deposits,
share accounts, or bonds
2775 1887 206 658 24
Borrowing from a retirement plan 15 12 0 3 0
Borrowing using assets other than this
property as collateral
449 278 19 143 9
Proceeds from an insurance policy 10 10 0 0 0
From a state or local government source 154 141 5 4 5
From a non-profit organization 98 96 0 2 0
Proceeds from sale of tax credits 498 391 13 87 6
From parents or relatives 37 28 4 5 0
Other cash source 264 197 13 52 1
Non-cash source 96 80 8 8 0
No downpayment required 511 390 33 71 17
Not reported 891 618 28 218 27
Other properties 7817 5660 487 1585 85
Not reported 259 209 10 37 3

Year Property Acquired

1999 to 2001 (part)
3244 2270 252 681 41
1997 and 1998 2566 1909 160 468 28
1995 and 1996 1571 1094 82 359 36
1990 to 1994 2267 1635 162 434 36
1985 to 1989 1743 1228 158 347 10
1980 to 1984 1275 909 64 291 11
1975 to 1979 1068 804 27 231 6
1970 to 1974 719 559 42 117 2
1969 or earlier 359 249 8 82 20

Property New or Previously Owned When
Acquired

Acquired by purchase
13353 9557 831 2783 181
New 4551 3552 231 714 53
Previously owned 8601 5871 594 2009 127
As residential property 8293 5636 573 1958 127
Converted from nonresidential use 308 236 21 51 0
Other 56 56 0 0 0
Not reported 145 78 6 60 1
Other properties 900 635 103 158 4
Not reported 559 465 20 69 6

Year Structure Built

1999 to March 2000
457 341 24 89 3
1997 and 1998 870 642 50 162 16
1995 and 1996 673 524 42 95 12
1990 to 1994 999 767 85 136 11
1980 to 1989 4244 3119 335 750 40
1970 to 1979 4670 3441 242 935 52
1960 to 1969 1892 1267 75 525 24
1950 to 1959 311 150 63 95 4
1940 to 1949 143 98 7 36 2
1939 or earlier 554 308 30 189 27

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
5287 3788 380 1050 69
Less than $20,000 614 479 10 125 0
$20,000 to $39,999 1671 1214 117 320 20
$40,000 to $59,999 1476 990 163 296 27
$60,000 to $79,999 836 586 55 180 16
$80,000 to $99,999 364 265 15 80 4
$100,000 to $124,999 191 149 8 35 0
$125,000 to $149,999 62 47 6 6 2
$150,000 to $174,999 18 13 2 3 0
$175,000 to $199,999 10 5 1 4 0
$200,000 to $249,999 34 33 0 1 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 0 0 0 0 0
$500,000 or more 4 1 3 0 0
Median 44812 43998 47696 45390 50985
Mean 50100 49660 56147 49420 51336
Other properties 9525 6868 574 1960 122

Value

Less than $1,000,000
365 334 7 24 0
$1,000,000 to $1,999,999 1339 878 76 372 12
$2,000,000 to $2,999,999 1811 1281 72 448 10
$3,000,000 to $3,999,999 1964 1350 80 495 39
$4,000,000 to $4,999,999 1550 1044 150 326 30
$5,000,000 to $7,499,999 2740 1961 198 548 33
$7,500,000 to $9,999,999 1417 1058 85 261 13
$10,000,000 to $14,999,999 1635 1243 128 251 14
$15,000,000 to $19,999,999 795 605 76 103 11
$20,000,000 to $29,999,999 675 501 39 126 10
$30,000,000 to $39,999,999 186 123 29 33 1
$40,000,000 to $49,999,999 126 104 5 3 14
$50,000,000 or more 209 175 10 20 3
Median 5344666 5563198 6157661 4509792 5310460
Mean 8511923 8828208 9308621 6959332 11360807

Value Per Housing Unit@8

Less than $20,000
1168 894 76 182 15
$20,000 to $39,999 3780 2660 182 893 46
$40,000 to $59,999 4104 2956 222 857 68
$60,000 to $79,999 2762 1955 286 496 25
$80,000 to $99,999 1306 977 77 236 16
$100,000 to $124,999 770 604 25 132 9
$125,000 to $149,999 443 245 64 127 7
$150,000 to $174,999 148 125 3 21 0
$175,000 to $199,999 67 57 3 5 1
$200,000 to $249,999 116 73 15 25 3
$250,000 to $299,999 52 41 1 9 0
$300,000 to $499,999 58 32 0 26 0
$500,000 or more 38 38 0 0 0
Median 51978 52003 59776 50041 49887
Mean 61088 61203 63250 60253 57037

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
9847 7137 657 1925 127
Less than $50,000 2947 2140 160 601 46
$50,000 to $99,999 1959 1360 204 377 19
$100,000 to $249,999 2414 1805 127 456 26
$250,000 to $499,999 1372 1017 53 289 12
$500,000 to $749,999 431 318 31 77 5
$750,000 to $999,999 180 125 19 29 6
$1,000,000 to $1,499,999 198 127 14 56 1
$1,500,000 to $1,999,999 84 63 6 12 3
$2,000,000 to $2,999,999 102 82 4 16 0
$3,000,000 or more 159 100 38 12 9
Median 101064 105724 91251 97994 97474
Mean 351227 336026 555414 291983 1044565
Properties with no capital
improvements between 1998 and 2000
2963 2118 162 634 49
Capital improvements not
reported
2002 1402 135 451 14

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
9847 7137 657 1925 127
Less than $500 3136 2292 202 585 58
$500 to $999 2109 1594 127 376 13
$1,000 to $2,499 2805 2038 201 528 37
$2,500 to $4,999 1142 769 68 297 8
$5,000 to $7,499 271 158 7 105 1
$7,500 to $9,999 86 77 4 5 0
$10,000 to $14,999 92 64 14 10 4
$15,000 to $19,999 30 23 1 4 1
$20,000 to $29,999 63 56 0 6 1
$30,000 or more 113 67 33 8 4
Median 924 900 1001 1006 727
Mean 2322 2288 3390 2052 2821
Properties with no capital
improvements between 1998 and 2000
2963 2118 162 634 49
Capital improvements not
reported
2002 1402 135 451 14

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
12666 9154 802 2548 164
Less than $100 294 201 18 56 19
$100 to $199 336 242 7 88 0
$200 to $299 528 404 20 101 2
$300 to $399 1266 973 45 232 15
$400 to $499 1842 1386 93 333 31
$500 to $599 2315 1598 163 537 17
$600 to $799 1872 1345 152 356 19
$800 to $999 2697 1946 151 574 26
$1000 or more 1483 1040 150 259 34
No rental receipts 33 18 3 12 0
Median 589 585 671 585 587
Mean 674 667 768 666 781
Acquired 2000 and 2001 (part) 2145 1503 152 462 27

Rental Receipts as Percent of Value@8

Acquired before 2000
12666 9154 802 2548 164
Less than 5 percent 480 357 18 87 19
5 to 9 percent 1254 938 54 231 31
10 to 14 percent 5744 4084 387 1225 48
15 to 19 percent 2740 1955 179 578 29
20 to 24 percent 985 750 36 197 1
25 to 29 percent 535 410 29 86 10
30 to 39 percent 388 305 23 57 3
40 percent or more 515 343 74 75 23
Median 14 14 14 14 13
Acquired 2000 and 2001 (part) 2145 1503 152 462 27

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
12666 9154 802 2548 164
Less than 1.0 percent 1423 1116 48 226 33
1.0 to 2.9 percent 2635 1926 120 545 44
3.0 to 4.9 percent 2542 1723 200 597 22
5.0 to 6.9 percent 1519 1229 85 188 17
7.0 to 8.9 percent 794 608 34 144 8
9.0 to 10.9 percent 542 444 28 68 2
11.0 to 12.9 percent 300 209 17 68 6
13.0 to 14.9 percent 120 91 2 27 0
15.0 percent or more 795 537 56 195 8
Not reported or not computed 1995 1270 213 489 23
Median 4.0 4.0 4.3 3.9 2.7
Acquired 2000 and 2001 (part) 2145 1503 152 462 27

Age Restrictions

Property restricted to people
age 55 or older
2723 2123 159 396 45
Property not restricted to people
age 55 or older
11736 8242 786 2567 142
Not reported 352 292 9 47 4

Age Composition

Over one-half the residents of the
building age 55 or older
499 382 40 67 9
Over one-half the residents of the
building not age 55 or older
10933 7640 732 2429 132
Not reported 3380 2635 182 514 50

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

Property provides meal service
1381 1062 81 207 32
Charge included in rent 958 705 72 170 11
Charge not included in rent 117 80 5 13 19
Not reported 306 276 4 24 1
Property does not provide meal
service
1497 1207 84 188 19
Not reported 11933 8388 789 2615 140

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
1738 1424 116 175 23
Government rental subsidy 3048 2420 126 465 38
Government grant 288 183 39 64 2
Property tax relief 1003 772 93 111 27
Federal income tax credit for
low-income, old or historic properties
994 788 60 129 17
Accelerated federal income tax
depreciation for low- and
moderate-income properties
237 103 69 59 6
Subsidy from a non-profit corporation 228 123 37 67 1
None of the above benefits 8881 6188 548 2060 85
Not reported 1306 877 94 310 25

Source of Property Benefits@1

With property benefits
4625 3592 312 640 81
Federal government 3266 2673 205 362 26
State government 581 460 38 64 19
Local government 961 729 41 161 29
Non-profit corporation 228 123 37 67 1
Not reported 166 103 2 52 9
With no property benefits 8881 6188 548 2060 85
Not reported 1306 877 94 310 25

Reason for Benefits@1

With property benefits
4625 3592 312 640 81
Occupied by low- or moderate-income
individuals
4004 3192 201 539 72
Occupied by elderly or disabled
individuals
1475 1185 79 160 51
A historic structure 19 12 0 3 3
Located in a community development or
economic development area
215 195 12 8 0
Covered by a Homestead Exemption 15 15 0 0 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 31 25 0 7 0
Other reason 105 101 3 2 0
Not reported 252 110 87 55 0
With no property benefits 8881 6188 548 2060 85
Not reported 1306 877 94 310 25

Section 8 Rental Housing Certificates
and Vouchers

Property did or does have tenants
receiving Section 8 assistance
7438 5372 387 1591 88
Property has never had tenants
receiving Section 8 assistance
6352 4538 506 1216 92
Not reported 1022 747 61 203 11

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
2814 1648 193 931 42
Limited partnership 5681 4274 372 960 75
Joint venture 221 153 15 52 1
General partnership 1163 875 62 210 16
Life insurance company 15 14 0 0 1
Depository institution 0 0 0 0 0
Public real estate investment trust 176 123 36 15 1
Private real estate investment trust 56 56 0 0 0
Corporation - other than real estate
investment trust
2933 2088 176 640 28
Housing cooperative organization 110 94 0 15 1
Non-profit or church-related institution 1054 874 76 83 21
Pension fund 21 15 1 4 0
Fraternal organization 2 2 0 0 0
Other 566 440 24 101 1

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
36 20 1 15 0
By telephone or FAX 2006 1440 136 409 21
By regular mail 1931 1492 123 299 17
By personal visit 4850 3494 240 1039 78
Through third party (such as real
estate agent or builder)
3336 2251 270 781 34
Some other way 505 368 26 106 5
Not reported 1272 935 108 202 27
Not available 876 657 50 161 9

Origin of First Mortgage

Mortgage made at time property acquired
9237 6764 517 1847 108
Mortgage assumed at the time property
acquired
1554 1117 125 298 14
Mortgage placed later than acquisition of
property
4021 2776 312 865 69
Refinanced mortgage 3879 2665 303 842 69
Same lender 952 690 126 122 14
Different lender 2928 1976 177 720 55
Mortgage placed on property
owned free and clear of debt
141 110 9 22 0
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
4021 2776 312 865 69
Obtain lower interest rate 1989 1480 157 335 16
Increase payment period for mortgage 57 45 4 7 0
Reduce payment period for mortgage 13 10 3 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
641 416 45 168 12
Receive cash or increase outstanding
balance of loan
809 507 61 226 15
Other reason 347 176 38 109 25
Not reported 165 140 4 19 1
Other properties 10791 7881 642 2146 122
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
1496 984 96 395 22
Less than $1,000,000 727 454 40 225 6
$1,000,000 to $1,999,999 331 208 15 100 8
$2,000,000 to $2,999,999 118 87 13 18 0
$3,000,000 to $3,999,999 97 67 10 17 3
$4,000,000 to $4,999,999 74 44 11 18 2
$5,000,000 to $7,499,999 64 56 4 4 0
$7,500,000 to $9,999,999 15 12 0 1 1
$10,000,000 to $14,999,999 19 13 2 3 0
$15,000,000 to $19,999,999 22 20 0 1 0
$20,000,000 to $29,999,999 10 7 0 3 0
$30,000,000 to $39,999,999 10 5 0 4 1
$40,000,000 to $49,999,999 3 3 0 0 0
$50,000,000 or more 7 7 0 0 0
Not reported 0 0 0 0 0
Median 1065130 1181047 1500423 875750 1518904
Mean 3767268 4767431 1946329 1718848 3729052
Properties that refinanced
and did not receive cash back
1991 1400 187 364 40
Properties that refinanced
and did not report if received
cash back
533 392 29 106 7
Properties that did not
refinance
10791 7881 642 2146 122
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
1496 984 96 395 22
For additions, improvements or repairs
to this property
708 408 45 246 8
To consolidate debts 137 100 2 32 3
For investment in other real estate 805 510 49 229 16
For other types of investments 235 147 21 67 0
For educational or medical expenses 5 2 0 3 0
To start a business 1 1 0 0 0
To settle a divorce 2 0 0 2 0
To pay taxes 2 2 0 0 0
To purchase an automobile, truck, or
other vehicle
8 5 0 3 0
To purchase consumer product other than
automobile, truck, or other vehicle
6 2 0 4 0
Other 139 116 10 10 3
Not reported 25 13 0 11 0
Properties that refinanced
and did not receive cash back
1991 1400 187 364 40
Properties that refinanced
and did not report if received
cash back
533 392 29 106 7
Properties that did not
refinance
10791 7881 642 2146 122
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
4944 3395 349 1129 71
1997 and 1998 3494 2618 241 606 29
1995 and 1996 1819 1309 79 392 39
1990 to 1994 1903 1214 170 498 20
1985 to 1989 892 614 44 213 21
1980 to 1984 776 644 33 90 9
1979 or earlier 985 862 37 82 3

First Mortgage Insurance Status

FHA-insured first mortgage
1385 1120 107 156 2
VA-guaranteed first mortgage 0 0 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
405 365 11 26 2
Other federal, state, or local
government-insured or guaranteed
first mortgage
709 553 34 102 19
Insured conventional first mortgage 1076 807 68 189 13
Uninsured conventional first mortgage 11236 7811 733 2537 155
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $500,000
511 374 0 112 26
$500,000 to $999,999 1081 823 39 208 12
$1,000,000 to $1,499,999 1495 1051 59 375 11
$1,500,000 to $1,999,999 1618 1056 73 484 5
$2,000,000 to $2,499,999 1447 1060 88 290 10
$2,500,000 to $2,999,999 1172 716 136 295 26
$3,000,000 to $3,999,999 1912 1368 147 374 24
$4,000,000 to $4,999,999 1178 869 63 240 6
$5,000,000 to $7,499,999 1595 1218 102 250 26
$7,500,000 to $9,999,999 1000 729 107 153 11
$10,000,000 to $12,499,999 509 390 42 69 7
$12,500,000 to $14,999,999 287 194 26 63 3
$15,000,000 to $19,999,999 311 242 26 36 7
$20,000,000 or more 382 292 33 40 17
Not reported 312 274 15 23 0
Median 2967747 3081503 3515698 2544121 3254268
Mean 4828744 4940630 5705059 4039216 6790543

Total Mortgage Loan

Less than $500,000
459 322 0 112 26
$500,000 to $999,999 973 747 32 187 7
$1,000,000 to $1,499,999 1430 1007 59 353 11
$1,500,000 to $1,999,999 1501 970 68 457 6
$2,000,000 to $2,499,999 1307 964 60 273 10
$2,500,000 to $2,999,999 1196 741 152 280 22
$3,000,000 to $3,999,999 1918 1358 147 388 25
$4,000,000 to $4,999,999 1221 921 70 225 4
$5,000,000 to $7,499,999 1821 1382 104 305 30
$7,500,000 to $9,999,999 1068 758 115 185 11
$10,000,000 to $12,499,999 520 415 41 57 7
$12,500,000 to $14,999,999 322 207 31 78 6
$15,000,000 to $19,999,999 353 274 27 48 4
$20,000,000 or more 410 317 33 40 20
Not reported 312 274 15 23 0
Median 3199782 3323901 3667211 2700487 3517537
Mean 5148644 5265368 5890157 4354284 7586336

Traditional First Mortgage Outstanding
Debt

Less than $500,000
1160 902 28 202 27
$500,000 to $999,999 1409 1025 47 323 14
$1,000,000 to $1,499,999 1548 1001 67 469 12
$1,500,000 to $1,999,999 1845 1289 144 401 10
$2,000,000 to $2,499,999 1297 847 85 348 18
$2,500,000 to $2,999,999 995 680 116 181 19
$3,000,000 to $3,999,999 1695 1233 81 364 17
$4,000,000 to $4,999,999 1012 784 54 161 13
$5,000,000 to $7,499,999 1443 1096 112 215 21
$7,500,000 to $9,999,999 809 568 93 138 9
$10,000,000 to $12,499,999 437 326 41 64 6
$12,500,000 to $14,999,999 261 184 21 53 3
$15,000,000 to $19,999,999 265 204 22 33 7
$20,000,000 or more 322 243 28 35 16
Not reported 312 274 15 23 0
Median 2496369 2593481 2924787 2140803 2893230
Mean 4312798 4397070 5161903 3628501 6263744

Total Mortgage Outstanding Debt

Less than $500,000
1059 812 28 191 27
$500,000 to $999,999 1264 928 34 297 6
$1,000,000 to $1,499,999 1479 925 71 470 12
$1,500,000 to $1,999,999 1685 1149 148 377 11
$2,000,000 to $2,499,999 1267 891 50 308 18
$2,500,000 to $2,999,999 1044 703 129 194 18
$3,000,000 to $3,999,999 1744 1233 91 400 19
$4,000,000 to $4,999,999 1118 918 60 129 12
$5,000,000 to $7,499,999 1615 1230 107 252 25
$7,500,000 to $9,999,999 846 560 104 173 9
$10,000,000 to $12,499,999 462 362 40 54 6
$12,500,000 to $14,999,999 285 191 25 64 6
$15,000,000 to $19,999,999 301 230 23 44 4
$20,000,000 or more 344 262 28 35 19
Not reported 300 262 15 23 0
Median 2740709 2850018 3094909 2258047 3212793
Mean 4512798 4581110 5254206 3877533 7014669

Current Interest Rate on First Mortgage

Less than 6.0 percent
6297 4382 587 1165 164
6.0 percent 68 47 0 19 1
6.1 to 6.4 percent 255 158 2 91 3
6.5 to 6.9 percent 599 343 31 218 7
7.0 percent 1175 904 23 248 0
7.1 to 7.4 percent 672 504 16 150 2
7.5 to 7.9 percent 1068 605 49 412 3
8.0 percent 183 130 4 45 4
8.1 to 8.4 percent 591 347 114 127 4
8.5 to 8.9 percent 393 202 70 117 4
9.0 percent 179 154 5 20 0
9.1 to 9.4 percent 161 126 10 24 0
9.5 to 9.9 percent 129 86 12 32 0
10.0 percent 50 50 0 0 0
10.1 to 10.4 percent 68 50 8 10 0
10.5 to 10.9 percent 92 74 4 15 0
11.0 percent 145 115 0 30 0
11.1 to 12.9 percent 154 124 16 14 0
13.0 percent 44 44 0 0 0
13.1 percent or more 2487 2211 3 273 0
Not reported 0 0 0 0 0
Median 7.0 7.0 4.9 7.0 3.5

Type of Interest Rate Buydown

Properties with interest rate
buydown
2 2 0 0 0
Constant payment 0 0 0 0 0
3-2-1 buydown 0 0 0 0 0
Other 2 2 0 0 0
Not reported 0 0 0 0 0
Properties without interest
rate buydown
4181 2438 325 1359 59
Not reported 10629 8217 629 1651 132

Term of First Mortgage

Less than 5 years
98 17 54 26 2
5 years 69 41 17 8 3
6 to 9 years 135 71 29 32 4
10 years 1245 883 135 223 3
11 to 14 years 84 42 5 35 2
15 years 341 141 6 191 4
16 to 19 years 85 46 13 25 1
20 years 208 88 68 52 0
21 to 24 years 12 12 0 0 0
25 years 167 46 1 120 0
26 to 29 years 21 17 0 2 1
30 years 2542 1432 107 966 37
More than 30 years 536 512 0 12 13
No stated term 9267 7309 519 1319 120
Median 30 30 11 30 30

Unexpired Term of First Mortgage

Less than 5 years
565 327 125 108 5
5 to 9 years 1363 827 189 338 10
10 to 14 years 579 442 27 104 6
15 to 19 years 536 224 14 299 0
20 to 24 years 555 289 51 210 6
25 to 29 years 1492 900 26 535 32
30 or more years 453 340 3 97 13
No stated term or not computed 9267 7309 519 1319 120
Median 17 17 7 20 26

Holder of First Mortgage

Commercial bank or trust company
2795 1892 218 658 27
Savings and loan association, federal
savings bank
1831 922 91 815 2
Mutual savings bank 303 178 25 97 4
Life insurance company 752 554 141 46 10
Mortgage banker or mortgage company 264 76 8 179 0
Federally-sponsored secondary market
agency or pool
5641 4427 330 794 90
Conventional mortgage pool 125 92 21 12 0
Other federal agency 809 727 27 51 3
Real estate investment trust 98 95 0 0 4
Pension or retirement fund 126 58 12 55 0
Credit union 270 238 0 31 2
Finance company 225 121 9 93 2
State or municipal government or
housing finance agency
885 738 21 108 18
Individual or individual's estate 291 226 18 37 10
Other 397 313 31 34 19

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
9641 6945 596 1984 115
Less than 40 percent 731 556 46 112 17
40 to 49 percent 468 361 20 77 10
50 to 59 percent 708 533 47 124 4
60 to 69 percent 1298 955 118 209 16
70 to 79 percent 1582 1013 66 476 26
80 to 89 percent 1259 876 105 269 8
90 to 94 percent 531 378 14 128 11
95 to 99 percent 399 313 41 42 2
100 percent or more 2451 1773 131 527 21
Not reported 214 187 7 20 0
Median 80 80 80 80 74
Other properties 5171 3711 358 1026 75
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
9641 6945 596 1984 115
Less than 40 percent 569 435 34 90 9
40 to 49 percent 395 292 26 69 8
50 to 59 percent 472 343 29 98 3
60 to 69 percent 2818 2039 189 548 42
70 to 79 percent 1674 1042 90 516 26
80 to 89 percent 1149 797 95 251 5
90 to 94 percent 332 274 8 42 8
95 to 99 percent 264 238 4 22 0
100 percent or more 1772 1317 113 328 14
Not reported 196 169 7 20 0
Median 73 73 72 73 69
Other properties 5171 3711 358 1026 75
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
920 752 61 102 6
Not subprime loan 13891 9905 893 2908 185
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
3201 0 0 3010 191
Treasury security 481 0 0 478 3
Average cost of funds in bank district 618 0 0 618 0
National average cost of funds 21 0 0 21 0
OTS contract mortgage rate 0 0 0 0 0
Other method 425 0 0 403 23
No index used 38 0 0 9 30
Not reported 1617 0 0 1483 135
Other properties 11611 10657 954 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
3201 0 0 3010 191
Monthly 705 0 0 699 6
Every 3 months 80 0 0 80 0
Every 6 months 310 0 0 310 0
Yearly 209 0 0 202 7
Every 3 years 8 0 0 8 0
Every 5 years 200 0 0 198 3
Other 60 0 0 34 26
Not reported 1629 0 0 1480 149
Other properties 11611 10657 954 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
3201 0 0 3010 191
Less than 1 percent 97 0 0 97 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 68 0 0 68 0
2 percent 117 0 0 113 4
2.1 to 2.9 percent 79 0 0 79 0
3 percent 59 0 0 59 0
3.1 to 3.9 percent 85 0 0 85 0
4.0 percent or more 127 0 0 127 0
No caps 876 0 0 835 41
Not reported 1693 0 0 1547 146
Other properties 11611 10657 954 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
3201 0 0 3010 191
Less than 1 percent 39 0 0 39 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 1 0 0 1 0
2.1 to 2.9 percent 14 0 0 14 0
3 percent 27 0 0 27 0
3.1 to 3.9 percent 17 0 0 17 0
4.0 percent or more 839 0 0 831 8
No caps 510 0 0 475 35
Not reported 1754 0 0 1606 148
Other properties 11611 10657 954 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
3201 0 0 3010 191
Yes, rate has changed 1149 0 0 1118 31
No change since mortgage made 395 0 0 382 13
Not reported 1657 0 0 1510 146
Other properties 11611 10657 954 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
3201 0 0 3010 191
Less than 1 percent 12 0 0 5 8
1 percent 9 0 0 6 2
1.1 to 1.9 percent 16 0 0 11 4
2 percent 96 0 0 96 0
2.1 to 2.9 percent 893 0 0 887 7
3 percent 207 0 0 207 0
3.1 to 3.9 percent 182 0 0 182 0
4 percent 37 0 0 37 0
4.1 to 4.9 percent 12 0 0 12 0
5 percent or more 38 0 0 28 11
Not reported 1698 0 0 1539 159
Median 2.7 0.0 0.0 2.7 2.3
Other properties 11611 10657 954 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
3201 0 0 3010 191
Can be converted 86 0 0 70 15
Cannot be converted 1291 0 0 1262 29
Not reported 1824 0 0 1678 146
Other properties 11611 10657 954 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
149 0 0 147 2
Payments can change monthly 12 0 0 12 0
Payments can change every three months 0 0 0 0 0
Payments can change every six months 12 0 0 12 0
Payments can change yearly 106 0 0 106 0
Payments can change every 3 years 0 0 0 0 0
Payments can change every 5 years 14 0 0 14 0
Other 4 0 0 1 2
Not reported 1 0 0 1 0
Monthly payments cannot
change
12922 10657 954 1265 47
Not reported 1741 0 0 1599 142

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
149 0 0 147 2
Yes, unrestricted negative amortization 17 0 0 17 0
Yes, restricted negative amortization 88 0 0 88 0
No negative amortization allowed 43 0 0 41 2
Not reported 0 0 0 0 0
Monthly payments cannot change 12922 10657 954 1265 47
Not reported 1741 0 0 1599 142

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
14148 10215 891 2895 147
Interest and principal 14005 10160 832 2884 129
Fully amortized 11105 8656 0 2328 121
Not fully amortized 2901 1504 832 556 8
Interest only 143 55 59 11 18
No regular payments required 207 101 1 65 39
Not reported 457 340 62 50 5

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
14005 10160 832 2884 129
Real estate taxes 2580 1700 201 670 8
Property insurance 1984 1521 163 292 8
Mortgage insurance 525 486 0 39 0
Other 1146 1021 70 52 2
No items included or not reported 11346 8396 624 2205 121
No regular payments of interest
and principal
807 497 122 126 61

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal
14605 10555 953 2945 152
Less than $100 1910 1495 59 326 30
$100 to $199 4051 2666 240 1100 44
$200 to $299 3945 2876 279 761 30
$300 to $399 2251 1694 191 338 28
$400 to $499 964 763 70 127 4
$500 to $599 460 326 16 118 0
$600 to $699 207 142 9 49 7
$700 to $799 102 92 2 5 3
$800 to $899 58 54 0 4 0
$900 to $999 25 8 9 7 0
$1,000 to $1,249 47 30 10 7 0
$1,250 to $1,499 40 9 3 28 0
$1,500 or more 90 60 4 25 1
Not reported 457 340 62 50 5
Median 228 233 253 203 199
Mean 280 283 283 272 254
No regular payments required 207 101 1 65 39

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
14605 10555 953 2945 152
Up-to-date, ahead of schedule, or
less than 90 days past due
4364 2603 295 1436 30
Delinquent by 90 days or more 25 11 0 14 0
Legal proceedings have begun 2 2 0 0 0
Legal proceedings have not begun 17 9 0 7 0
Not reported 6 0 0 6 0
Not reported 10216 7940 658 1496 122
Other properties 207 101 1 65 39

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal
14605 10555 953 2945 152
Less than $100 2229 1731 111 357 30
$100 to $199 3888 2555 234 1053 46
$200 to $299 3940 2835 279 795 31
$300 to $399 2406 1846 198 334 28
$400 to $499 1027 802 79 143 4
$500 to $599 482 340 16 124 2
$600 to $699 238 168 9 54 7
$700 to $799 110 101 2 5 3
$800 to $899 68 64 0 4 0
$900 to $999 26 10 9 7 0
$1,000 to $1,249 50 31 10 9 0
$1,250 to $1,499 37 12 3 22 0
$1,500 or more 103 60 4 38 1
Not reported 0 0 0 0 0
Median 230 235 247 208 200
Mean 280 282 269 279 255
No regular payments required 207 101 1 65 39

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

Acquired before 2000 and
regular payments of interest
and/or princi
12093 8792 739 2440 121
Less than 20 percent 1540 1148 65 279 47
20 to 29 percent 1967 1413 123 419 12
30 to 39 percent 3050 2070 238 731 12
40 to 49 percent 2758 2092 149 500 17
50 to 59 percent 1475 1076 91 287 21
60 to 69 percent 464 377 20 59 8
70 to 79 percent 214 174 16 21 3
80 to 89 percent 42 33 3 6 0
90 to 99 percent 43 30 3 11 0
100 percent or more 515 368 31 115 1
Not reported or not computed 24 12 0 12 0
Median 38 39 38 37 31
Other properties 2719 1864 215 570 69

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

Acquired before 2000 and regular
payments of interest and/or
principal
12156 8835 743 2450 128
Less than 20 percent 1426 1055 59 261 51
20 to 29 percent 1903 1366 122 404 12
30 to 39 percent 2963 2010 232 706 14
40 to 49 percent 2773 2101 149 506 17
50 to 59 percent 1669 1214 104 329 22
60 to 69 percent 543 442 20 73 8
70 to 79 percent 194 157 13 21 3
80 to 89 percent 81 71 6 4 0
90 to 99 percent 48 30 7 11 0
100 percent or more 533 377 31 124 1
Not reported or not computed 24 12 0 12 0
Median 39 40 38 38 31
Other properties 2656 1822 211 560 63

Real Estate Tax Per $1,000 Value

Acquired before 2000
12666 9154 802 2548 164
Less than $5 2674 2096 179 352 47
$5 to $9 4890 3464 289 1086 50
$10 to $14 3496 2415 273 771 37
$15 to $19 887 623 23 236 4
$20 to $24 194 157 9 16 13
$25 to $29 83 56 2 25 0
$30 to $39 390 302 20 56 12
$40 to $49 0 0 0 0 0
$50 to $59 0 0 0 0 0
$60 or more 1 0 0 1 0
Not reported or not computed 52 40 7 5 0
Median 9 9 9 9 8
Acquired 2000 and 2001 (part) 2145 1503 152 462 27

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
12666 9154 802 2548 164
Less than 5 percent 4156 3236 269 595 56
5 to 9 percent 6927 4766 461 1604 95
10 to 14 percent 931 682 23 215 11
15 to 19 percent 120 105 6 8 1
20 to 24 percent 198 149 2 47 0
25 to 29 percent 53 29 16 7 0
30 to 34 percent 18 3 6 8 0
35 to 39 percent 8 4 0 4 0
40 percent or more 179 125 12 42 0
Not reported or not computed 78 54 7 17 0
Median 7 6 6 7 6
Acquired 2000 and 2001 (part) 2145 1503 152 462 27

Property Management

Property managed by paid property
management company
13385 9730 859 2618 178
Property not managed by paid property
management company
1052 665 76 300 11
Not reported 375 262 19 92 1

Property Management and Administration
Expenses Per Housing Unit

Acquired before 2000
12666 9154 802 2548 164
Less than $100 152 81 6 66 0
$100 to $199 805 661 35 85 24
$200 to $299 1629 1155 54 394 25
$300 to $399 1732 1271 91 356 14
$400 to $499 1109 801 100 193 15
$500 to $599 858 594 39 209 16
$600 to $699 696 472 49 170 5
$700 to $799 531 341 80 105 6
$800 to $899 571 413 17 136 4
$900 to $999 436 331 40 64 2
$1,000 to $1,249 1019 784 43 179 13
$1,250 to $1,499 663 537 46 74 5
$1,500 to $1,999 502 382 55 64 0
$2,000 to $2,499 209 132 15 51 11
$2,500 or more 216 151 28 33 4
No expenses 659 412 26 212 9
Not reported or not computed 880 634 78 158 9
Median 516 514 648 498 463
Acquired 2000 and 2001 (part) 2145 1503 152 462 27

Maintenance and Repair Expenses
Per Housing Unit

Acquired before 2000
12666 9154 802 2548 164
Less than $100 306 206 9 89 2
$100 to $199 838 610 33 188 6
$200 to $299 966 771 36 154 4
$300 to $399 1108 669 72 359 8
$400 to $499 979 639 113 200 27
$500 to $599 962 754 59 137 12
$600 to $699 950 678 69 176 27
$700 to $799 803 652 18 118 16
$800 to $899 768 531 95 139 3
$900 to $999 536 413 15 95 14
$1,000 to $1,249 1102 810 59 224 9
$1,250 to $1,499 816 599 51 156 10
$1,500 to $1,999 715 537 30 133 15
$2,000 to $2,499 340 244 16 79 0
$2,500 or more 354 263 23 69 0
No expenses 57 32 3 14 8
Not reported or not computed 1068 746 101 219 2
Median 665 680 639 617 662
Acquired 2000 and 2001 (part) 2145 1503 152 462 27

Utility and Fuel Expenses Per Housing Unit

Acquired before 2000
12666 9154 802 2548 164
Less than $250 689 408 33 225 23
$250 to $499 3560 2624 192 707 38
$500 to $749 4028 2970 194 812 52
$750 to $999 2000 1370 203 403 24
$1,000 to $1,249 624 454 49 115 6
$1,250 to $1,499 260 216 25 17 2
$1,500 to $1,749 134 103 9 22 1
$1,750 to $1,999 50 41 0 9 0
$2,000 to $2,499 28 18 6 4 0
$2,500 or more 37 29 0 9 0
No expenses 167 138 0 15 14
Not reported or not computed 1091 784 92 210 4
Median 590 591 668 571 559
Acquired 2000 and 2001 (part) 2145 1503 152 462 27

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