For this post I’m going to return to the 2015 HMDA that you can get from the Consumer Financial Protection Bureau (CFPB) webpage and I discussed earlier.
Many loans in California are over $1 million due to high home values, particularly on the coast. The graph below looks at the share of loans with a loan amount greater than $1 million.
We can contrast the high loan balances in California with the lower loans sizes typical in Texas. Less than 1% of the mortgage loans originated in Texas in 2015 were with loan amounts over $1 million.