Latest Headlines on OCRegister.com
[x] Close
- NEWS
- Nearly an inch of rain hits O.C. 45 minutes ago
- Report: Gay O.C. soldier returns to duty
- Tustin hospital exec pleads guilty to fraud 3 hours & 1 minute ago
- More than 40 DUI arrests made Super Bowl Sunday 3 hours ago
- SPORTS
- O.C. teams atop CIF basketball rankings 1 hour & 42 minutes ago
- U.S. skier Kearney loves life up in the air 2 hours & 34 minutes ago
- Fans must know rules before donning jersey 47 minutes ago
- Baseball's look-alikes
- BUSINESS
- ENTERTAINMENT
- Will H.B. woman be the next 'Bachelorette'? 37 minutes ago
- Patty Griffin headed to the Wiltern 1 hour & 51 minutes ago
- Orange Pop: Busy days for the Dear & Departed 1 hour & 24 minutes ago
- AfterWork: Hooters in Lake Forest
- LIFE
- TRAVEL
- OPINION
Subprime’s prime territory
October 8th, 2008, 3:00 am · Post a Comment · posted by Ronald Campbell
Last year, 15 percent of American home loans were subprime. But subprime lenders’ market share was much, much higher in a handful of big counties.
With some glaring exceptions — Miami-Dade and Wayne County (Detroit) at the top of the list and Las Vegas, Philadelphia and Chicago a bit farther down — these mostly were suburban and exurban counties, places that gobbled up easy credit during the housing boom.
Orange County, home to most of the big subprime lenders, consumed little of what it grew. Just 12 percent of home loans by volume in O.C. were subprime last year. The county ranked 60th in subprime market share among the 87 U.S. counties with home loan volume of $5 billion or more.
Here are the top 10, with prime and subprime volume in billions of dollars. All figures are taken from the government’s Home Mortgage Disclosure Act (HMDA) database.
| Rank | County | Prime | Subprime | Total | Percent subprime |
|---|---|---|---|---|---|
| 1 | Miami-Dade, FL | $16.9 | $7.0 | $24.0 | 29.3% |
| 2 | Wayne, MI | $4.2 | $1.5 | $5.6 | 26.1% |
| 3 | Prince George’s, MD | $8.9 | $3.1 | $12.0 | 26.0% |
| 4 | Broward, FL | $13.1 | $4.4 | $17.5 | 25.2% |
| 5 | San Bernardino, CA | $16.4 | $4.8 | $21.2 | 22.8% |
| 6 | Essex, NJ | $5.0 | $1.4 | $6.4 | 22.3% |
| 7 | Orange, FL | $8.4 | $2.3 | $10.7 | 21.2% |
| 8 | Kern, CA | $4.7 | $1.2 | $5.9 | 21.0% |
| 9 | Lee, FL | $5.7 | $1.5 | $7.1 | 20.9% |
| 10 | San Joaquin, CA | $5.0 | $1.3 | $6.3 | 20.4% |
Continue reading to see the list of 87 counties with home loan volumes of $5 billion or more.
Here are all U.S. counties with at least $5 billion in home loans in 2007. All dollars are in billions.
| Rank | County | Prime | Subprime | Total | Percent subprime |
|---|---|---|---|---|---|
| 1 | Miami-Dade, FL | $16.9 | $7.0 | $24.0 | 29.3% |
| 2 | Wayne, MI | $4.2 | $1.5 | $5.6 | 26.1% |
| 3 | Prince George’s, MD | $8.9 | $3.1 | $12.0 | 26.0% |
| 4 | Broward, FL | $13.1 | $4.4 | $17.5 | 25.2% |
| 5 | San Bernardino, CA | $16.4 | $4.8 | $21.2 | 22.8% |
| 6 | Essex, NJ | $5.0 | $1.4 | $6.4 | 22.3% |
| 7 | Orange, FL | $8.4 | $2.3 | $10.7 | 21.2% |
| 8 | Kern, CA | $4.7 | $1.2 | $5.9 | 21.0% |
| 9 | Lee, FL | $5.7 | $1.5 | $7.1 | 20.9% |
| 10 | San Joaquin, CA | $5.0 | $1.3 | $6.3 | 20.4% |
| 11 | Riverside, CA | $22.0 | $5.6 | $27.7 | 20.3% |
| 12 | Queens, NY | $9.9 | $2.5 | $12.4 | 20.0% |
| 13 | Hillsborough, FL | $7.2 | $1.8 | $9.0 | 19.7% |
| 14 | Fresno, CA | $4.7 | $1.1 | $5.8 | 19.6% |
| 15 | Palm Beach, FL | $10.1 | $2.4 | $12.5 | 18.9% |
| 16 | Clark, NV | $17.2 | $3.9 | $21.1 | 18.5% |
| 17 | Kings, NY | $9.7 | $2.2 | $11.9 | 18.2% |
| 18 | Philadelphia, PA | $5.5 | $1.2 | $6.7 | 18.1% |
| 19 | Duval, FL | $4.8 | $1.1 | $5.9 | 18.0% |
| 20 | Cook, IL | $38.4 | $8.4 | $46.8 | 18.0% |
| 21 | Baltimore, MD | $5.8 | $1.3 | $7.0 | 18.0% |
| 22 | Will, IL | $5.0 | $1.1 | $6.1 | 17.9% |
| 23 | Pinellas, FL | $5.2 | $1.1 | $6.3 | 17.6% |
| 24 | Salt Lake, UT | $8.5 | $1.8 | $10.4 | 17.5% |
| 25 | Solano, CA | $4.2 | $0.9 | $5.1 | 17.4% |
| 26 | Pierce, WA | $7.5 | $1.6 | $9.1 | 17.1% |
| 27 | Utah, UT | $4.2 | $0.9 | $5.1 | 16.9% |
| 28 | Maricopa, AZ | $36.8 | $7.5 | $44.3 | 16.9% |
| 29 | Suffolk, NY | $11.5 | $2.3 | $13.9 | 16.9% |
| 30 | Harris, TX | $12.6 | $2.5 | $15.1 | 16.6% |
| 31 | Nassau, NY | $8.9 | $1.7 | $10.6 | 16.1% |
| 32 | New Haven, CT | $4.6 | $0.9 | $5.4 | 16.1% |
| 33 | Los Angeles, CA | $95.6 | $18.3 | $113.9 | 16.1% |
| 34 | Hudson, NJ | $4.4 | $0.8 | $5.2 | 15.7% |
| 35 | Gwinnett, GA | $4.6 | $0.8 | $5.4 | 15.2% |
| 36 | Ocean, NJ | $4.8 | $0.8 | $5.6 | 15.1% |
| 37 | Dallas, TX | $7.9 | $1.4 | $9.3 | 14.8% |
| 38 | Sacramento, CA | $10.2 | $1.8 | $12.0 | 14.8% |
| 39 | St. Louis, MO | $6.2 | $1.1 | $7.2 | 14.6% |
| 40 | Middlesex, NJ | $5.0 | $0.9 | $5.9 | 14.4% |
| 41 | Hartford, CT | $4.5 | $0.7 | $5.3 | 13.9% |
| 42 | Prince William, VA | $4.5 | $0.7 | $5.2 | 13.8% |
| 43 | Tarrant, TX | $6.5 | $1.0 | $7.5 | 13.8% |
| 44 | Pima, AZ | $6.1 | $1.0 | $7.0 | 13.8% |
| 45 | Bexar, TX | $5.4 | $0.9 | $6.2 | 13.6% |
| 46 | Snohomish, WA | $8.6 | $1.3 | $9.9 | 13.4% |
| 47 | Oakland, MI | $6.7 | $1.0 | $7.7 | 13.4% |
| 48 | Fulton, GA | $7.7 | $1.2 | $8.9 | 13.2% |
| 49 | Anne Arundel, MD | $5.7 | $0.9 | $6.6 | 13.1% |
| 50 | Lake, IL | $6.5 | $0.9 | $7.4 | 12.6% |
| 51 | Bergen, NJ | $8.1 | $1.2 | $9.2 | 12.5% |
| 52 | Monmouth, NJ | $6.2 | $0.9 | $7.1 | 12.5% |
| 53 | Suffolk, MA | $4.8 | $0.7 | $5.5 | 12.4% |
| 54 | Ventura, CA | $9.5 | $1.3 | $10.8 | 12.4% |
| 55 | Hennepin, MN | $7.1 | $1.0 | $8.1 | 12.4% |
| 56 | Cobb, GA | $4.5 | $0.6 | $5.1 | 12.2% |
| 57 | Alameda, CA | $18.8 | $2.6 | $21.4 | 12.0% |
| 58 | DuPage, IL | $7.7 | $1.0 | $8.7 | 12.0% |
| 59 | District Of Columbia, DC | $6.4 | $0.9 | $7.3 | 12.0% |
| 60 | Orange, CA | $35.6 | $4.8 | $40.4 | 11.9% |
| 61 | Contra Costa, CA | $15.9 | $2.2 | $18.1 | 11.9% |
| 62 | San Diego, CA | $33.8 | $4.5 | $38.3 | 11.8% |
| 63 | Multnomah, OR | $6.3 | $0.8 | $7.1 | 11.6% |
| 64 | Mecklenburg, NC | $7.7 | $1.0 | $8.7 | 11.3% |
| 65 | Essex, MA | $5.2 | $0.7 | $5.8 | 11.2% |
| 66 | Westchester, NY | $6.8 | $0.9 | $7.7 | 11.1% |
| 67 | Collin, TX | $4.9 | $0.6 | $5.4 | 10.6% |
| 68 | King, WA | $25.7 | $3.0 | $28.7 | 10.5% |
| 69 | Denver, CO | $4.8 | $0.6 | $5.3 | 10.4% |
| 70 | Washington, OR | $4.5 | $0.5 | $5.0 | 10.4% |
| 71 | Placer, CA | $4.8 | $0.6 | $5.3 | 10.4% |
| 72 | Montgomery, MD | $10.4 | $1.2 | $11.7 | 10.4% |
| 73 | Santa Clara, CA | $27.6 | $3.2 | $30.7 | 10.3% |
| 74 | Honolulu, HI | $7.8 | $0.9 | $8.6 | 10.0% |
| 75 | Fairfield, CT | $11.3 | $1.2 | $12.5 | 9.7% |
| 76 | San Mateo, CA | $12.4 | $1.3 | $13.7 | 9.6% |
| 77 | Montgomery, PA | $5.3 | $0.6 | $5.8 | 9.6% |
| 78 | Sonoma, CA | $5.4 | $0.6 | $6.0 | 9.2% |
| 79 | Wake, NC | $6.8 | $0.7 | $7.5 | 9.2% |
| 80 | Travis, TX | $6.4 | $0.6 | $7.0 | 8.9% |
| 81 | Santa Barbara, CA | $4.6 | $0.4 | $5.1 | 8.8% |
| 82 | Middlesex, MA | $11.4 | $1.0 | $12.4 | 8.2% |
| 83 | Norfolk, MA | $5.7 | $0.5 | $6.2 | 7.8% |
| 84 | Fairfax, VA | $11.8 | $1.0 | $12.8 | 7.8% |
| 85 | Marin, CA | $5.0 | $0.4 | $5.3 | 7.2% |
| 86 | San Francisco, CA | $10.9 | $0.8 | $11.7 | 6.8% |
| 87 | New York, NY | $16.0 | $0.6 | $16.6 | 3.6% |
And here’s more mortgage meltdown coverage:
- JPMorgan buys seized WaMu, deposits are safe
- WaMu to slash money for loan losses
- Washington Mutual ousts CEO, reaches deal with regulator
- O.C. financial stocks hit after busted bailout
- Oil under $100, O.C. energy stocks hit
- O.C. mortgage rates dip amid turmoil
- Citigroup buying Wachovia banking operations
- WaMu’s odd subprime timing
- Subprime’s dearly departed
ADVERTISEMENT
Leave a Reply
-
ADVERTISEMENT
-
OC real estate news- Really? Beleagured builders showing signs of life
- Mortgage bankers HQ now a short sale?
- Homes have similar views, $1.8 million difference
- A 'short refi' to avoid foreclosure?
- Million-dollar home sales down 15% in ‘09
- Yorba Linda home tops most-viewed list
- Would you relocate to Texas?
- $16.5M apartments sale sets record
- Housing market warming along south coast?
- Which Surf City ZIP had biggest sales gain?
-
- Calculated Risk
- Mess Greenspan Made
- Mortgage Fraud Blog
-
-
ADVERTISEMENT
Reader Comments
Comments are encouraged, but you must follow our User Agreement.