December 2013: FHFA’s Top 10 HARP Refinance States
The Federal Housing Finance Agency (FHFA) released its most recent HARP Refinance Activity report for December 2013. Ending the year of 2013, Florida had the highest HARP Refinance volume along with the most underwater borrowers with LTV’s greater than 125 percent.
Underwater homeowners nationwide have been able to reap the benefits of the unique refinance program based on the nation’s current negative equity standing since the crash of the housing market in 2007. During the third quarter of 2010, the nation’s negative equity position in regards to the number of negative equity properties; there were 11.6 million, in comparison to the most recent report in the third quarter of 2013 there are now a total of 6.4 million. This is a 5.2 million decrease in negative equity properties for the nation in a 3 year span.
The top 10 states highest in HARP refinance loans reported for the month of December 2013 are:
1) Florida – 3,084
2) California – 2,648
3) Michigan – 2,120
4) Illinois – 1,863
5) Georgia – 1,734
6) Ohio – 1,472
7) Arizona – 1,167
8) Texas – 989
9) New Jersey – 888
10) North Carolina – 871
Not only has the Home Affordable Refinance Program helped the nation gain its equity over the years, it has also helped make a difference in the number of foreclosures across the states. According to the most recent Realtytrac report (as of January 2014), there are currently 1,200,104 properties in the United States in some stage of foreclosure. The number of foreclosure properties during its Year-End 2010 showed a total of 2,871,891. When compared with the amount of foreclosure properties reported since 2010, there has been a 1,671,787 decline, which is a significant amount of improvement overall.
By giving responsible underwater homeowners with high LTV’s the chance to refinance their mortgages, the Obama HARP Refi Program has certainly allowed these particular individuals to experience living comfortably with a more affordable mortgage, not based on original loan terms but the terms of their very own financial situations.
Click HERE for More Information about the Home Affordable Refinance Program
