2009 Mortgage Market Conditions

Nationally:

 

• 32% of homeowners have no mortgage
• 52% have a prime mortgage
• 7% financed their home with a subprime loan
• 9% of homeowners have either a FHA or VA loan
• Compared with 2008:
  • The overall number of loans serviced declined 2%
  • The number of prime loans serviced decreased by 3%
  • The number of subprime mortgages serviced contracted 11%
  • FHA loans filled the gap—the number of FHA loans serviced increased 30%
  • VA loans serviced gained 4%
  • The number of mortgages in foreclosure increased 54% in 2009
  • Prime loans posted the largest increase in foreclosures—197%

In Georgia:

 

• 27% of homeowners have no mortgage
• 51% have a prime mortgage
• 8% financed their home with a subprime loan
• 14% of homeowners have either a FHA or VA loan
• The foreclosure rate is 3.4%
• Compared with 2008:
  • The overall number of loans serviced remained unchanged
  • The number of loans serviced:
    • Declined 3% for prime
    • Decreased 10% for subprime
    • Rose 20% for FHA
    • Increased 3% for VA
  • The overall number of mortgages in foreclosure increased 53% in 2009
  • The greatest percentage increase in the number of foreclosures was registered in prime loans

Source: National Association of REALTORS®
www.realtor.org/research/research/metrohomepriceanalysisreports