The simple way to look at last year’s HECM endorsement activity is that total loan count was up 15.2% from 2012. But for anyone living through 2013’s wild ride, it probably felt like anything but a smooth journey upward.
Arizona and California led the way with loan volume growth in 2013, up 61% and 36%, respectively. Each benefited from recovering home prices, although in different ways.
- Phoenix was a poster child for housing price declines and powered the Arizona volume increase – a boom following a bust
- California’s volume resurgence was more broadly based, from the coastal areas more insulated from home price declines to the inland areas that dropped >50%
As the saying goes, location is everything in real estate businesses! If your longtime marketing areas aren’t producing after the recent product changes, it’s time to refine your focus for 2014.
Check out your state/county/city/zip in the full report below (click on the image) or feel free to give us a shout if you’d like a personal deep dive to see how this information can focus your opportunities.