Arizona, California, and North Carolina have far exceeded overall reverse mortgage industry volume growth year-to-date, according to data from Reverse Market Insights.
“The whole industry has grown on a unit volume basis this year (15% as of July) and while it’s true that a rising tide lifts all boats, there’s something to be said for putting your line in the water where fish are biting,” says RMI of the top three growth states.
Endorsement volume has grown by nearly 55% in Arizona since the beginning of the year, according to the most recent HECM Trends newsletter tracking activity through July 2013.
California and North Carolina both logged increased endorsement volume of about 25%, while Florida’s 17.5% growth slightly outpaced the industry average.
As of July 2013, the number of endorsed reverse mortgage loans stood at 37,945, up from the previous year’s 33,000. In the states with the highest growth, endorsement activity is often concentrated in a few regions.
Year-to-date volume increased by double digits in four California counties, ranging from 18% to nearly 38%, while volume in Maricopa County, Ariz. skyrocketed nearly 60%.
Among the top ten counties for endorsement volume, only Philadelphia and Miami-Dade saw declines of 3.5% and 7.4%, respectively.
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Written by Alyssa Gerace