Chart of the Day: Philadelphia Bucks the Downward Reverse Mortgage Trend

NewImage.jpgDespite reverse mortgage volume being down 31% during fiscal year 2010, Philadelphia has managed to see an increase in volume according to data from Reverse Market Insight.

According to RMI, Philadelphia is the only city in the top 10 growing year to date (4.3%).  So why is the city of brotherly love seeing more volume than others?  Refinance volume.

During 2009, there were only 39 refinances compared to 119 in 2010.

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Industry Trends – August 2010