HECM applications rose 3.9% in August to 7,940, marking an 18% year-over-year decline when compared with August 2010, the latest Federal Housing Administration Outlook from the Department of Housing and Urban Development shows.
Total HECM endorsements were up 5.3%, with HECM Saver endorsements rising more than 8% during the month, from 496 in July to 536 in August.
Despite ups and downs for endorsements throughout the year, the HECM Saver, as a proportion of total HECM endorsements, has increased steadily since January (see chart) and now comprises more than 9% of total endorsements.
View the August FHA Housing Outlook.
Written by Elizabeth Ecker