Thursday, March 14, 2013
FHFA says HARP Refinances Surpass 2012 Estimates
The Federal Housing Finance Agency Released it's December Refinance Report just yesterday. The report showed the number of mortgages refinanced through the Home Affordable Refinance Program in the fourth quarter surpassed previous program estimates.
FHFA said servicers completed nearly 1.1 million HARP refinances in 2012, with nearly 2.2 million completed since HARP's implementation in 2009. Top five states for HARP refinances since 2009 were California (301,327), Florida (175,686), Illinois (147,252), Michigan (144,709) and Arizona (106,387).
The report also stated that most HARP refinances occurred on primary residences (1.895 million), followed by second homes (69,522) and investment properties (199,672). For the fourth quarter, HARP volume reached 297,461 refinances, representing 22 percent of the total refinance volume.
The report can be accessed at http://www.fhfa.gov/webfiles/25033/Dec12RefiReport.pdf.