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Report includes total HARP refinances by state

Federal home program backed 35% of all Fla. home refinancings since its start in 2009, and 58% of Dec. 2012 refinances. National

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WASHINGTON, D.C. – March 13, 2013 – Nearly 1.1 million Home Affordable Refinance Program (HARP) refinances were completed in 2012 – almost 2.2 million since HARP was implemented in April 2009. The results come from the just-released Federal Housing Finance Agency (FHFA) December 2012 Refinance Report.

The 2012 HARP performance surpassed previous estimates for the program, in part because the government has tinkered with the rules since its inception failed to make significant headway in helping homeowners at risk of foreclosure.

Florida ranked second nationally in the number of HARP refinances with 175,686. California led with 301,327, followed by Illinois (147,252), Michigan (144,709) and Arizona (106,387).

Since 2009, FHFA says that 35 percent of all Florida refinances resulted from HARP. In December 2012, 58 percent of the state refinancings resulted from HARP.

Also in the report:

• Most HARP refinances were on primary residences (1,895,827); second homes made up 69,522; 199,672 were for investment properties.
• HARP volume reached 297,461 refinances in the fourth quarter of 2012 or 22 percent of total refinance volume.
• In December, 25 percent of loans refinanced through HARP had loan-to-value ratios greater than 125 percent.
• In December, 18 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages.

FHFA has posted the full HARP report online.

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