FHFA February 2014 Report: Top 10 HARP Refinance States
According to the most recent report presented through the Federal Housing Finance Agency (FHFA), HARP Refinances have decreased possibly due to rising mortgage rates of four to four and a half percent since June 2013.
As of March 2014 there are a total of 48,000 foreclosures completed, which is a pretty high amount since 2008. This large number may have resulted from the high serious delinquency rate as reported in March of 4.7% for the first time since October 2008.
As of February 2014, there were a reported 26,964 HARP Refinances completed, which now brings the total HARP Refinances since inception to 3,114,897. Among the additional 26,964 HARP Refinances, there are 10 states in particular with the most HARP Refinances completed for the month of February.
The Top 10 HARP Refinance States are as follows:
1) Florida
FL’s HARP Refinance LTV Distributions are:
80% – 105% = 1,265
105% – 125% = 639
Greater Than 125% = 780
Total HARP Refinances = 2,684
2) California
CA’s HARP Refinance LTV Distributions are:
80% – 105% = 1,570
105% – 125% = 521
Greater Than 125% = 368
Total HARP Refinances = 2,459
3) Illinois
IL’s HARP Refinance LTV Distributions are:
80% – 105% = 1,011
105% – 125% = 376
Greater Than 125% = 315
Total HARP Refinances = 1,702
4) Michigan
MI’s HARP Refinance LTV Distributions are:
80% – 105% = 1,085
105% – 125% = 296
Greater Than 125% = 271
Total HARP Refinances = 1,652
5) Georgia
GA’s HARP Refinance LTV Distributions are:
80% – 105% = 977
105% – 125% = 339
Greater Than 125% = 265
Total HARP Refinances = 1,581
6) Ohio
OH’s HARP Refinance LTV Distributions are:
80% – 105% = 1,042
105% – 125% = 240
Greater Than 125% = 101
Total HARP Refinances = 1,383
7) Arizona
AZ’s HARP Refinance LTV Distributions are:
80% – 105% = 617
105% – 125% = 270
Greater Than 125% = 181
Total HARP Refinances = 1,068
NC’s HARP Refinance LTV Distributions are:
80% – 105% = 717
105% – 125% = 102
Greater Than 125% = 17
Total HARP Refinances = 836
9) Maryland
MD’s HARP Refinance LTV Distributions are:
80% – 105% = 553
105% – 125% = 183
Greater Than 125% = 90
Total HARP Refinances = 826
10) Virginia
VA’s HARP Refinance LTV Distributions are:
80% – 105% = 638
105% – 125% = 146
Greater Than 125% = 33
Total HARP Refinances = 817
From inception through February 2014, 2,627,862 loans refinanced through HARP were for primary residences, 99,828 were for second homes and 387,207 were for investment properties.
A few of the states mentioned above are among many that have been hit the hardest during the crash of the housing market. By taking advantage of the Home Affordable Refinance Program (HARP), many severely underwater homeowners have been able to rise back to the surface and got their mortgages under control.
