Monday, January 5, 2009

California Sub-prime Loan Status-November 2008

Less than half of the sub-prime borrowers in California are current on their mortgage.

According to November 2008 data provided by the New York Fed, only 47% of sub-prime loans are current while 12% are in foreclosure and 14% are already real-estate owned (REO). Over 13% of the loans are over 90 days behind and well on their way into foreclosure while an additional 14% of loans are 1 or 2 months behind.

As California's unemployment rate continues to climb, odds are these numbers will continue to worsen.

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