Reverse Market Insight published its industry trends for July 2009 and shows that reverse mortgage volume in New York is up 47.1% for the year. Other states like Florida haven’t been nearly as lucky, with volume down 29% compared to last year.
According to RM Insight, Florida looks a little oversaturated at the moment with 7 of the top 10 zip codes in terms of competition come from the Sunshine State.
Other interesting bits of info:
- Active lenders in July 09 was 1,118, down 9.1% compared to July 2008.
- Refinance transactions in July 09 was up 179% compared to July 2008.
This years volume is almost dead even with last year, it’s a virtual dead heat as 2009 numbers trail 2008 by 21 units says RM Insight.