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News from Around the Country on the “Mortgage Crisis”

March 7, 2008

For the past several months you’ve been seeing and hearing that “all real estate markets are local” and “what happens in Vegas stays in Vegas”.  This is with regard to the mortgage crisis “meltdown”.  The chart below truly shows that all real estate is local.  You can see a wide variance in the percentage of deliquincies and foreclosures state by state.  This chart was create by the Mortgage Bankers and reflects the 4th qtr. 2007.

I’ve highlighted the 15 states that are at Wisconsin’s deliquency level or below. 

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Mortgage delinquencies and foreclosures, fourth quarter 2007

Total loans

Past due

In foreclosure

Subprime loans

Past due

In foreclosure

Connecticut

545,765

5.08%

1.55%

62,626

17.97%

8.61%

Maine

144,679

5.88%

2.36%

18,563

18.61%

11.26%

Massachusetts

845,027

5.52%

1.94%

88,813

21.19%

11.41%

New Hampshire

203,666

6.21%

1.42%

22,669

19.56%

7.18%

Rhode Island

141,797

6.27%

2.41%

19,227

21.43%

12.18%

Vermont

67,201

3.97%

1.35%

4,745

17.79%

9.48%

New England

1,948,135

5.49%

1.82%

216,643

19.81%

10.17%

New Jersey

1,292,704

5.39%

1.89%

137,337

17.74%

9.35%

New York

2,052,243

5.34%

1.92%

280,767

15.03%

8.43%

Pennsylvania

1,558,949

6.76%

1.78%

206,662

19.32%

6.63%

Mid Atlantic

4,903,896

5.81%

1.87%

624,766

17.05%

8.04%

Illinois

1,739,977

6.12%

2.50%

215,477

19.20%

11.09%

Indiana

880,951

8.35%

3.53%

124,399

19.95%

11.59%

Michigan

1,535,931

8.97%

3.38%

212,296

24.77%

12.26%

Ohio

1,548,184

7.67%

3.88%

221,457

19.44%

13.69%

Wisconsin

622,755

4.87%

2.24%

61,773

18.36%

11.31%

East North Central

6,327,798

7.38%

3.17%

835,402

20.73%

12.17%

Iowa

349,510

5.07%

2.05%

28,230

18.61%

10.39%

Kansas

340,925

5.52%

1.52%

32,563

17.17%

6.57%

Minnesota

925,044

4.66%

2.22%

90,171

17.59%

12.36%

Missouri

900,184

6.71%

1.43%

107,850

21.79%

6.30%

Nebraska

211,685

4.94%

1.49%

18,291

16.84%

6.95%

North Dakota

65,065

3.05%

0.79%

2,996

13.18%

5.37%

South Dakota

85,487

3.31%

1.14%

4,800

15.60%

7.10%

West North Central

2,877,900

5.39%

1.75%

284,901

19.10%

8.70%

Delaware

178,768

5.66%

1.85%

17,628

17.21%

6.69%

District of Columbia

94,969

4.70%

1.00%

8,793

18.34%

5.89%

Florida

3,585,614

7.47%

3.22%

573,562

19.76%

11.36%

Georgia

1,690,823

8.37%

1.84%

209,008

20.94%

6.81%

Maryland

1,082,308

5.67%

1.22%

125,653

19.79%

5.71%

North Carolina

1,414,575

6.46%

1.21%

145,611

19.19%

4.86%

South Carolina

664,545

6.79%

1.86%

76,229

19.64%

7.68%

Virginia

1,425,934

4.78%

1.01%

137,368

18.15%

5.93%

West Virginia

133,388

7.88%

1.37%

16,242

22.22%

4.65%

South Atlantic

10,270,924

6.82%

2.04%

1,310,094

19.70%

8.40%

Alabama

616,958

8.32%

1.36%

60,273

21.46%

5.13%

Kentucky

446,646

6.81%

2.32%

51,969

18.86%

9.61%

Mississippi

255,726

11.07%

2.14%

38,467

26.58%

6.43%

Tennessee

876,268

8.01%

1.41%

120,406

21.67%

4.96%

East South Central

2,195,598

8.21%

1.67%

271,115

21.78%

6.10%

Arkansas

311,869

6.64%

1.16%

29,172

20.22%

4.60%

Louisiana

479,735

8.09%

2.03%

65,343

19.90%

6.73%

Oklahoma

434,425

6.48%

2.05%

51,743

16.50%

7.41%

Texas

3,148,587

7.45%

1.36%

408,399

18.17%

5.28%

West South Central

4,374,616

7.36%

1.49%

554,657

18.32%

5.61%

Arizona

1,239,336

5.45%

1.78%

187,029

16.19%

7.14%

Colorado

1,040,260

4.49%

1.86%

117,102

13.46%

8.14%

Idaho

268,029

3.86%

0.90%

25,035

13.50%

5.08%

Montana

138,354

3.20%

0.75%

8,392

12.86%

3.87%

Nevada

574,507

6.53%

3.02%

101,528

16.85%

10.95%

New Mexico

261,005

4.64%

1.03%

24,585

14.68%

4.88%

Utah

444,645

4.15%

0.80%

52,987

12.23%

3.68%

Wyoming

70,888

3.10%

0.83%

6,016

12.52%

3.32%

Mountain

4,037,024

4.94%

1.71%

522,674

15.01%

7.45%

Alaska

93,811

3.31%

0.67%

10,319

7.12%

2.47%

California

5,956,487

5.39%

2.23%

768,629

18.02%

10.59%

Hawaii

185,177

3.14%

1.05%

19,572

12.22%

5.54%

Oregon

649,826

2.98%

0.72%

64,764

11.68%

3.95%

Washington

1,212,018

3.23%

0.72%

114,124

12.75%

4.06%

Pacific

8,097,319

4.80%

1.84%

977,408

16.75%

9.20%

Puerto Rico

36,364

9.64%

2.03%

2,294

35.09%

7.85%

Northeast

6,852,031

5.72%

1.85%

841,409

17.76%

8.59%

North Central

9,205,698

6.76%

2.72%

1,120,303

20.31%

11.28%

South

16,841,138

7.14%

1.85%

2,135,866

19.61%

7.39%

West

12,134,343

4.84%

1.80%

1,500,082

16.14%

8.59%

United States

45,987,858

6.31%

2.04%

5,849,012

18.82%

8.65%

Source: Mortgage Bankers Association

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