Refinancing rush helps banks amid foreclosure mess-Danville real estate and San Ramon real estate

The following San Francisco Chronicle article highlights a situation that was bound to happen. That being the large number of bank refinancing going on amid record low interest rates. The affect on Danville and San Ramon real estate has been felt and in fact it has had an affect  with overall home sales. One issue that has become apparent is that the endless introduction and changes to loan programs have made banks very conservative and has had an impact on the sale of mid to high priced homes. Additionally we see 1 in 5 mortgages that are underwater and those underwater loans have not been able to take advantage of the existing mortgage market thus compounding the problem for people who purchased their homes between 2003-2007.

Refinancing rush helps banks amid foreclosure mess.