We seem to be going into some kind of a refi period, be it just a minor short-lived period or a major boom. Some contend that it could be even bigger than many imagined because of the overhang from the last refi wave, which still had many borrowers with loans above 9% who did not refinance.

Many of those borrowers were shut out because of declines in property values in certain areas and credit constraints. However, property values in the Northeast have improved, and many strapped borrowers have improved their financial situation because of the strong economy in the past year.

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