Source

This chart shows the loss severity for subprime first-lien mortgage loans in the tri-state area (New York, New Jersey, and Connecticut).
Loss severity is defined as the average size of a loss if one occurs. A
loss occurs when a foreclosed home sells for less than what the
borrower owes to the mortgage lender. The amount of that loss includes
the costs to foreclose and liquidate, as well as taxes and declines in
property value. This report uses all securitized nonprime mortgage
loans from First American CoreLogic’s Loan Performance data set.