FHFA January 2014: Top 10 HARP Refinance States
The top ten states with highest HARP Refinance volumes for the month of January 2014 has been released. The state of Georgia contributed to 42 percent of the total refinances and 40 percent from Florida. The total HARP refinances reported as a nation was 22 percent for the January according to gathered data analysis from the FHFA (Federal Housing Finance Agency).
The volume of refinances has decreased as of January, along with mortgage rates for the month. Mortgage rates ranged four-to-four and a half since June of 2013. There was a total of 29,974 refinances completed through the HARP Program, bringing the total since inception to 3,087,933 nationwide.
The complete breakdown for HARP Refinance loan types as of January 2014 from inception are:
Primary Residences = 2,607,590
Second Homes = 99,061
Investment Properties = 381, 282
Among the 29,974 loans refinanced in the month of January, 12 percent had a loan-to-value (LTV) greater than 125 percent. The total of loans with an LTV greater than 105 percent has decreased since 2012, due to the rising of housing prices with a total of 30 percent.
Within the nation’s 29,974 HARP refinance loans completed for the month of January, the top ten states recognized for the most HARP refinances are:
1) Florida = 3,009
2) California = 2,497
3) Illinois = 2,052
4) Michigan = 1,906
5) Georgia = 1,722
6) Ohio = 1,516
7) Arizona = 1,228
8) New Jersey = 948
9) Texas = 940
10) Pennsylvania = 909
This most recent list of top ten states replaced North Carolina from the last report with Pennsylvania. North Carolina came really close with a total of 835 HARP loans for the month of January.
