According to the NY Federal Reserve, there were 116 million total housing units in June 2008. About 50 million were prime mortgages, 37 million were rental units, 26 million had no mortgage, leaving a total of 3 million subprime mortgages. Subprimes  represent only 2.6 percent of the total housing units. About  17 percent of subprimes were in foreclosure. Subprime mortgages in trouble represent less than 1/2 of 1 percent of all housing (0.44%).