The Real Deal Miami

Bank of America home loan discounts exceed $100,000

May 10, 2012 01:30PM

Floridians are among those who stand to benefit from home loan discounts being distributed by Bank of America — some of which are in the six-figure range, the Palm Beach Post reported. In fact, the average discount across the country for the first 5,000 homeowners in the program was $145,000. “I’m really shocked and don’t quite know what to make of that number,” said Ken Johnson, a real estate economist at Florida International University. “If they are trying to get balances so they are no longer underwater, that sounds very much like Fort Lauderdale and Palm Beach, where we lost 50 percent value.” [Palm Beach Post]