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The extent and condition of Jumbo Loans at the States level when comparing Texas and California is instructive.
In 2008 the total number of housing units in the United States was 129.065 million, with 13.7 jumbo loans per 1000 housing units. The New York Federal Reserve Report states that there are 1,764,401 active loans of which 6.1% are in foreclosure; 2.7% 30 – 59 days past due; 1.6% 60 to 89 days past due with 6.9% 90 days past due. The percentage of Adjustable Rate Mortgages (ARMs) overall is 50%.
The total number of housing units in the State of California is reported as 13.393 million with 63.1 jumbo loans per 1000 units. There are 845,792 active jumbo loans with 6.1% in foreclosure; 2.7% 30 – 59 days past due; 1.8% 60 to 89 past due with 9.5% 90 days past due. The percentage of adjustable rate mortgages is 91.6%.
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