Monday, September 6, 2010

Oregon Has 17th Worst State Rank for Borrowers Underwater+Near Underwater Borrower Percentage, with 148,000+ Underwater/Near Underwater Homeowners.

Last weeks WSJ had a story related to the new FHA underwater refinancing program HERE. Included in that story was a link to a table HERE, showing state "underwater" borrowers as of June 30, 2010.

I have reconstructed that data and added ranks and pasted it below showing Oregon's "underwater" borrowers compared to the national average and to Idaho and Washington.

Some observations:
  1. Oregon had 109,135 "underwater" borrowers AND another 38,046 "near underwater" borrowers.
  2. Those 148,081 "underwater+near underwater" borrowers , represented 21.3% of all loans in the state.
  3. Oregon 21.3% "underwater+near underwater" percentage of loans was still significantly better (24%) than the US average of 27.9%.
  4. Oregon's 21.3% was also better than Idaho's 28.9%, but worse than Washington's 20.6%
  5. Oregon had the 17th worst "underwater+near underwater" percentage among 44 states where data was available.
  6. Idaho had the 7th worst underwater+near underwater percentage in the country and Washington the 20th.
  7. Oregon homeowners retained $56+ billion in equity in their homes and nationally homeowners retained $3.8 TRILLION.
State National Idaho Oregon Washington
Mortgages 47,802,783 242,694 695,439 1,407,297
Negative Equity Mortgages 10,971,224 57,615 109,135 214,468
Near** Negative Equity Mortgages 2,356,100 12,538 38,946 76,383
Negative Equity Share PLUS Near Negative Equity Mortgages                     13,327,324                          70,153                        148,081                      290,851
Negative Equity Share 23.00% 23.70% 15.70% 15.20%
Near** Negative Equity Share 4.90% 5.20% 5.60% 5.40%
Negative Equity Share PLUS Near Negative Equity Share 27.90% 28.90% 21.30% 20.60%
Total Property Value $12,707,027,160,944 $48,968,685,624 $180,105,676,362 $441,737,928,305
Mortgage Debt Outstanding $8,875,764,627,185 $35,649,637,071 $123,683,325,688 $293,421,788,044
Net Homeowner Equity $3,831,262,533,759 $13,319,048,553 $56,422,350,674 $148,316,140,261
Loan-to-Value Ratio 70% 73% 69% 66%
Rank Neg Equity Share %, Worst to Best 7 17 21
Rank Neg Equity Share %+ Near Neg Equity Share, Worst to Best 7 17 20

Originally created and posted on the Oregon Housing Blog.

No comments:

Post a Comment

Post a Comment