The number of underwater homeowners who received principal reductions on their mortgages through the Keep Your Home California program increased dramatically in 2013.

More than 1,600 homeowners were approved in 2013, according to the final quarterly report of the California Housing Finance Agency, marking a 272% increase from 940 homeowners who received a principal reduction at the end of 2012. The growth has been even more staggering in dollar amounts reaching $158.4 million at the end of 2013, up 384% from the end of 2012.

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