While overall housing starts and completions projections in July are down from their 2008 levels, the rate of single-family housing starts and building permits issued are both up from their June level.
Builder confidence also continues to improve and is at its highest level since June 2008.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.