The chart above is from NY Federal Reserve data on Nonprime Mortgage Conditions in the United States for June 2008. Based on those data, the chart below shows the current distribution of housing units:
Note that the 3 million subprime mortgages represent only 2.6% of 116 million total housing units, and only 17% of subprime loans (510,000) are in foreclosure or REO. As a percent of total housing units, the subprime mortgages in foreclosure or REO represent less than 1/2 of 1 percent of all housing units (0.44%).
http://mjperry.blogspot.com/2008/08/current-subprime-mortgage-stats.html