I found these numbers at the USA Today and put them into a top 10 list of states with the lowest 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.
What really was interesting was looking at the numbers after playing around with them in excel. There are 25 states with less than 1 percent of their outstanding mortgages in the Adjustable Rate category. Only 14 states have more than 2 percent of ARMs outstanding.
While not diminishing the issue, from the media reports you would never guess that the numbers would be as low as they are. But we all know the media never hypes things to sell papers, right?
Top 10 States With Lowest Adjustable Rate Mortgages Percentage
| 1 | Alaska | 0.10% |
| 1 | Montana | 0.10% |
| 1 | North Dakota | 0.10% |
| 1 | South Dakota | 0.10% |
| 1 | Vermont | 0.10% |
| 1 | Wyoming | 0.10% |
| 7 | Dist. of Columbia | 0.20% |
| 7 | West Virginia | 0.20% |
| 9 | Delaware | 0.30% |
| 9 | Maine | 0.30% |
| 9 | Nebraska | 0.30% |
No related posts.
{ 2 comments… read them below or add one }
Maybe downpayments should always be 30% or more
From my perspective, the housing issue is not so much the ARMs outstanding or in default (as your blog would support) but that such a large number of the loans issued were based on overly inflated housing prices and little to no equity left for those home owners. With the demand side of the equation so low (due in part to the more strict leanding pratices and that if I can not sell my home for a profit, then I am not interested in selling and therefore buying), and that the supply side is littered with new construction that can not move. Until home owners can establish more equity, I am not sure the demand side of the equations will get much better.
can add <a title='RopenHouse.com' href='http://www.ropenhouse.com' rel="nofollow"> – Open House