Fed Creates Maps To Show Subprime Conditions

The Federal Reserve announced earlier this month that they will posting interactive maps to illustrate subprime loan conditions across the U.S. The maps will display regional variation in the condition of securitized, owner-occupied subprime and alt-A mortgage loans.

You can search the map first by state and then narrow it down further by most counties and zip codes. The information on the maps includes:

• loans per 1,000 housing units
• loans in foreclosure per 1,000 housing units
• loans real estate owned (bank owned) per 1,000 housing units
• share of loans that are adjustable rate mortgages (ARMs)
• share of loans for which payments are current
• share of loans that are 90-plus days delinquent
• share of loans in foreclosure
• median combined loan-to-value ratio at origination (when loan was funded/settlement date)
• share of loans with low credit score and high LTV at origination (when loan was funded/settlement date)
• share of loans with low or no documentation ("No-Doc")
• share of ARMs with initial reset in the next 12 months
• share of loans with a late payment in the past 12 months

The maps are supposed to be updated monthly, which is good. But the data lags behind several months. While looking at the map of Loudoun County today, I noticed that the data is from December 2007.

The maps are color coded which makes for great visual interpretation of the numbers. There are hard numbers available, but only for the overall state, not by county or zip code.

Overall, the maps are decent especially considering that the Federal Reserve Bank of New York created and is maintaining them. In addition to showing the subprime loan conditions across the U.S., the maps also help show how regional and local real estate really is.

(via Wall Street Journal)

-Danilo

Comments

[Short Sale Specialist]

Good stuff! Stumbled upon your post while doing some research about this topic. You definitely seem to be an authority in the subject. I'll have to use this.