CS "Mortgage Liquidity du Jour" Highlights

I assume that our readers from the Street have read Ivy Zelman / Credit Suisse's "Mortgage Liquidity du Jour" report from March 12, but here are some highlights for everyone else:

• 1-year hybrid ARMs represented 28% of Alt-A purchase originations in 2006.
• Investors and second home buyers represented 22% of Alt-A purchase originations last year, which is the largest non-owner occupied share among all the mortgage market segments.
• NV, CA, AZ, FL, and VA represented 75% of builder operating profit in 2005.
• The prevalance of subprime, Alt-A, IOs, and Option ARMs has been disproportionally weighted towards the most overpriced markets.
• CS is calling for a 35-45% drop off in new starts from the peak, which is revised from their 25% estimate in September 2006.