Our “Industry Trends” report is now available, with data updated through November ’09.
The stories haven’t changed much throughout the year – since the lending limits were raised to $625,500, the areas of strength have mostly been concentrated in high value neighborhoods such as Brooklyn, NY, San Francisco and San Jose and Orange County, CA. In fact, if we look at the table at the bottom of page 2 on this report, 8 of the top 10 zip codes and 5 of the top 10 cities in terms of total MCA $ growth are in California.
Interestingly, the areas that have the highest MCA $ growth also top the list of areas that have the largest % of hecm to hecm refinance transactions:
Top 25 Zip Codes (>50 endorsements in 2009)
Another interesting fact: by our calculations, our industry has just crossed the 2% overall penetration level, though there are some areas that are significantly higher than that (DC 7.3%; NV 3.9%; CA 3.8%; MD 3.7%; UT 3.6%, FL 3.2%; On the city level, it’s even more striking: Opa Locka, FL 16.8%; Compton, CA 14.2%; Hialeah, FL 11.8% and so forth).
Click the image below for this month’s Industry Trends report.