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Candygram for Sniglet... WSJ Subprime data by state AND MSA

deejayohdeejayoh
edited October 2007 in Seattle Real Estate
What you've been looking for, I think - this one's just for you buddy. have fun

WSJ interactive tool on Subprime Mortgages
By MSA
By state
By year for 2004-2006


http://online.wsj.com/public/resources/ ... IME07.html

Comments

  • snigletsniglet
    deejayoh wrote:
    What you've been looking for, I think - this one's just for you buddy.

    This data is certainly interesting, but still doesn't get to the heart of the matter. I am more concerned about the over-all usage of 100% interest, negative amortization, and no-doc loans than just "high-rate" or sub-prime mortgages. What I would really like to see is a break down of these various mortgage types for the past 20 or 30 years. Unfortunately, most of the statistics we see either lump things together, or just focus on the sub-prime space. Worse, it is almost impossible to find statistics that go back more than 3 or 4 years.

    My hypothesis is that the use of these "exotic" loan varieties in the Puget Sound area is on a completely unprecedented level, and that a significant percentage (say 20% or more) of all homes are financed with one of these various innovative instruments (in one form or another). Alas, this is just an educated theory so far, since the data I have seen is spotty.

    However, if I am correct, then this current down-turn might be far more severe than what our region has previously experienced. Or, to put it another way, the degree to which this current down-turn might grow could be correlated to number of homes that have exotic financing. Look at what the degree of dodgy financing was used in the previous major Seattle busts and then then extrapolate what could happen when these fragile mortgages are more prevalent.
  • deejayohdeejayoh
    and I was so hoping you'd like it :(

    here's another one to add to the the picture.
    http://bigpicture.typepad.com/.shared/i ... tgages.png

    plus you might be interested in this

    http://moneycentral.msn.com/content/Ban ... 118084.asp

    I don't think IOs and other exotic mortage variants (other than garden variety ARMs) existed in 1990. at least not in a meaningful way. I think that's a statement that applies equally to just about every market. not just seattle.
  • rose-colored-coolaidrose-colored-coolaid
    Switch from states to metropolitan areas and you'll realize just how widespread this mess is.

    Both Anchorage and Fairbanks, Alaska are well onto the list. Same with Fargo, North Dakota. And Pocatello, Idaho.

    Gee, if these great centers of business/trade/recreation are overpriced, then what would you expect to be spared?
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