The map below illustrates data from First American CoreLogic which is a real estate information company that tracts national and local real estate data. As you can see, Arizona is one of those most affected by the down turn in real estate values. According to CoreLogic, 638,487 homeowners in Arizona currently owe significantly more than their home is worth. This represent 49% of Arizona’s 1,311,438 present first mortgages. While this news is not great and will surely change over time as the economy and home values begin to rise. It does afford many Arizonans an opportunity to take advantage of the HARP Conventional Streamline Refinance option and lower their monthly mortgage payments significantly.
If you would like to explore if this is a good option for you, just give us a call and we will help you determine if this option is right for you. 602-492-8393