HARP Refi's Are Gaining Momentum

HARP accounted for nearly 24% of all refinances during the month, 50% of HARP applications came from the 80-105% LTV bucket, 27% of HARP applications came from greater than 125% LTV bucket, YTD HARP volume stands at 618k; Inception-to-date HARP volume stands at 1.6 million, and more than 70% of the HARP volume in Nevada, Arizona and Florida came from >105% LTV borrowers in August, versus 51% nationwide. Speaking of states, HARP volume as a percent of total refinances for Nevada, Arizona and Florida was at least 50% in August, versus 24% nationwide. Overall, HARP had a much higher market share both in July and August in states that have been particularly hard hit by the housing downturn including Nevada, Arizona, Florida, Utah, Idaho, Michigan, and Georgia.