Less than half of the sub-prime borrowers in California are current on their mortgage.
According to November 2008 data provided by the New York Fed, only 47% of sub-prime loans are current while 12% are in foreclosure and 14% are already real-estate owned (REO). Over 13% of the loans are over 90 days behind and well on their way into foreclosure while an additional 14% of loans are 1 or 2 months behind.
As California's unemployment rate continues to climb, odds are these numbers will continue to worsen.
For more charts and data go to http://mortgagestats.blogspot.com