New FHA Refinancing Report by State: Only 1.2% of FHA Refinances Were Delinquent Conventional to FHA Refinances.

I have constructed a new national report that focuses only on FHA refinance loans. The new report, U.S. Current FHA Refinance Report will be permanently posted HERE. (The only month of data available to date is for April 2008).

The report will consist of two pages. The first page will be a national summary of loan numbers and dollars. The second page will be a count of FHA refinance loans by refinancing category; either 1. FHA refinance, 2.Conventional current to FHA refinance, or 3. Conventional delinquent to FHA refinance. (Categories 2 and 3 combined total to what HUD is now calling their "FHA Secure" program)

National FHA Refinancing Highlights, April 2008

• The total of all FHA refinances was 47,290 loans, representing more than $8.1 Billion in FHA commitments.
• 34,100 FHA Secure loans were made, representing nearly $5.9 Billion in FHA commitments. FHA Secure loans represented 79% of all FHA refinancing activity, meaning that 21% of FHA refinanced loans were existing FHA loans.
  
• Of the FHA Secure total of 34,100 loans only 544 were conventional delinquent loans refinanced into an FHA loan. Those delinquent conventional loans represented only 1.2% of all FHA refinance loans in April.
  
• With all of its troubled real estate, California still had a total of only 768 FHA refinances. Of those, only 9 of those were delinquent conventional loans refinanced into an FHA loan. (Oregon, a much smaller market, had the same number of conventional delinquent loans refinanced into an FHA loan (9), while the Oregon 608 total of April FHA refinance was only 21% smaller than the California total of 768 FHA refinances).
• The report data was compiled from FHA Snapshot reports.