About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

Last week we linked to a report that said by 2011 up 50% of American homeowners would owe more on heir homes than the home will be worth. Well today a report from the folks over at Zillow.com estimates that we are already half way there. See this from the Bloomberg article on the subject:

Almost one-quarter of U.S. mortgage holders owed more than their homes were worth in the second quarter and that figure may rise to as much as 30 percent by mid-2010 as job losses and foreclosures climb, Zillow.com said.

Homeowners are being hurt by price declines. The estimated median value for single-family houses slid to $186,500 in the period, a 12 percent drop from a year earlier and the 10th consecutive quarterly decrease, the Seattle-based real estate data service said in a report today.

If you have an FHA loan now you can refinance even if you owe more than the house is worth. If you still have equity in your home and an interest rate higher than 6.25% we recommend you contact us about refinancing now while rates are still in the mid 5’s.

Comments (0) Posted by G.R.A. Admin on Tuesday, August 11th, 2009

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