Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.
Since February 2009
Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
... and, it's free and anonymous
Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy
12% of Americans are Behind on their Mortgage? Hold on now...
Sam DeBord, "SeattleHome.com"
Real Estate Agent
View my 7 listings
Contributions: 2675
Zillow All-Star
Since February 2009
View full profile
The latest screamers are these:
12% of mortgages are behind at least 30 days.
48% of subprime loans are behind on payments.
Those numbers are bad, but don't fall into the trap of thinking that everyone is falling behind on their payments. Statistics have a funny way of being manipulated to their user's benefit (including me).
40% of homes in America have no mortgage. They are owned free and clear. This would mean that only 7% of homeowners are behind on their mortgages.
Subprime loans only account for about 15-20% of all mortgages (depending on who you believe). If half of them are behind on payments (7%-10% of all mortgages), these late subprime borrowers would only account for 4-6% of all homeowners (removing free and clear homes again).
So 7% of homeowners are behind, and most of those are the 4-6% that are subprime. That doesn't sound as bad, does it? Unemployment numbers are higher than that.
I'm not here to discount the tough road we have ahead, or say that these numbers are perfect. Just take statistics with a grain of salt.
If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.