The Real Deal Miami

Florida housing market getting help from Obama refinancing program

June 12, 2012 04:30PM

Efforts by the Federal Government to prop-up the housing market are having a big affect on homeowners in Florida, where the impact of the housing collapse was particularly acute, according to the South Florida Business Journal. The Obama administration’s Home Affordable Refinance Program has allowed 1.2 million homeowners nationwide to refinanced their mortgages in the first quarter of 2012. According to Federal Housing Finance Agency data, it is common for participants in the program to save more than $2,500 annually on their interest payments. “HARP and refinancing more broadly is providing a meaningful boost to homeowners’ cash flow, particularly in the stressed housing states like Florida,” said Mark Zandi, chief economist for Moody’s Analytics. [SFBJ]