I found these numbers at the USA Today and put them into a top 10 list of states with the highest percentage of outstanding loans that are adjustable rates. After all the media hype about subprime fallout it seems that the numbers really do not tell the story outside of California and Florida.
And my guess is that many of those who played the adjustable rate game were speculators or those who wanted to upgrade their lifestyle on the hope of a surging market.
Top 10 States With Highest Adjustable Rate Mortgages Percentage
| 1 | California | 17.30% |
| 2 | Florida | 12.30% |
| 3 | Texas | 5.70% |
| 4 | Illinois | 4.90% |
| 5 | Arizona | 4.30% |
| 6 | Michigan | 3.60% |
| 7 | New York | 3.50% |
| 8 | Georgia | 3.30% |
| 9 | Maryland | 2.90% |
| 10 | New Jersey | 2.70% |
| 10 | Pennsylvania | 2.70% |
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I think some of the people may have been in for investment purposes but I tend to believe that many were just put into this as the only option available for then in a loan. Same bottom line people without homes and lots of foreclosures.