Florida continues to lead house equity conversion mortgage (HECM) development among the top 10 sates, according to the most recent Reverse Market Insight report.
Florida's HECM volume was up 20.3 % in April year to date.
"This is likely a home price recovery story, as Florida has actually been a little later to the table than some of the non-judicial states like California, Arizona, and Nevada," states RMI President John Lunde. Big spike in the popularity and search for a reverse mortgage Florida soars. The sunshine state continues to attract more and more aged population who are in the market for affordable ways to free up their cashflow.
Overall, April HECM endorsements were down a little from March however higher than a year earlier, which brings the year-to-date tally to 1.1 % lower than in 2014.
"It's mostly a case of declining less than in 2014's sluggish decline following Sept. 30, 2013 program changes," Lunde stated. "We already know that May recommendations were down a bit from a year earlier, however contrasts get a lot easier for the 4 months after that. It's not until the 4th quarter that we 'd need to show growth from April levels to improve on in 2013's numbers, however by then recommendation volume will be experiencing financial evaluation application fallout.".
Texas flipped to favorable development from in 2014 in April, now up 1.9 % year to date, data reveal. Arizona continues to grow stronger also, up 3.6 % year to this day compared to 0.2 % last month.
Worth keeping an eye on is Souther California, keeps in mind RMI.
Los Angeles City grew quicker in April while the county's growth rate dipped, as the growth ended up being more localized, information show.
On the county side, Riverside county ramped up its growth rate to the southeast of L.A., while its cousin San Bernardino to the north reduced.
"Southern California is a market that producers require to be more targeted in as refinance chances recede," Lunde stated. "The rest of the cities outside L.A. appropriate are growing less than L.A. itself, but there are particular postal code across the entire county that are doing effectively.".
In Texas, Harris county boasts the highest development rate amongst the top 10 counties in the country, growing faster than its Houston city section.
In fact one of our contributors Eric Christensen has reported to us the growth in traffic to his Florida Reverse Mortgage Information site ReverseMortgageFlorida.net.