Southeast Valley Realtors, mortgage brokers and real-estate analysts expressed a blend of cautious optimism and wait-and-see skepticism about the federal government's latest program to help qualified homeowners refinance their "underwater" mortgages that President Obama announced last week.
The new program will have more of an impact on the Phoenix-metro area than most other parts of the country because of the larger loss of equity that Valley homeowners have experienced, said Mike Orr, a Mesa-based housing-market analyst who publishes the Cromford Report, an online analysis of real-estate transactions.
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