MortgageReverse

Reverse Mortgages Booming in New York

image 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. 

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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.

Industry Trends – July 2009

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