Through October, according to LoanPerformance, the major metro areas where the number of non-owner occupant loans accounted for 10 percent or more total loan volume were: Las Vegas, 16.1 percent; Sacramento, 14.6 percent; Riverside, Calif., 13.1 percent; San Diego, 12.4 percent; Phoenix, 12.1 percent; Tampa-St. Petersburg, 11.3 percent; and Los Angeles, 10.4 percent.
However, in several smaller markets, where far fewer mortgages are written, the percentage of non-owner occupancy was much greater. In Redding, Calif., for example, 19.5 percent of all loans issued in the first 10 months of last year were to people who admitted on their applications that they would not be residing in the houses.
Other places with extremely high percentages include Medford, Ore., 18.5 percent; Visalia, Calif., 18.2 percent; San Luis Obispo, Calif., 17.8 percent; Merced, Calif., 17.8 percent; Chico, Calif., 17.6 percent; Reno, Nev., 17 percent; and Tallahassee, Fla., 16.5 percent.
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