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More Subprime Defaults In West Coast & Florida.
WASHINGTON -- Subprime defaults are rising nationwide and they are no longer contained in states experiencing job losses and other economic problems.
Until recently, subprime defaults were concentrated in the Rust Belt states and the hurricane-affected states, principally Louisiana and Mississippi.
"We are beginning to see rapid growth on the West Coast and Florida," Office of Federal Housing Enterprise Oversight director James Lockhart said last week.
Researchers at Friedman Billings Ramsey recently reported that the subprime default rate in Florida hit 7.9% in January, up from 4% in January 2006, or 100%. In California, the default rate hit 8.3% in January, up from 2.3% in January 2006, or 260%.
That is still below the national subprime default rate, which was 10.5% in January, according to FBR research director Michael Youngblood.
[Defaults include loans 90 days or more past due, in foreclosure and real estate-owned.]
But California and Florida are not the only states experiencing a significant increase in defaults, Mr. Youngblood said. "We see elevated levels of defaults in every market."
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Source: HighBeam Research, More Subprime Defaults In West Coast & Florida.