Our monthly HECM Trends report is a chance to step away from a lender/originator perspective and look more closely at the places where HECM is performing well. Last month we showed how several counties in the traditional big volume states of California, Florida and New York have shown recent growth in spite of lower national volume.
This month, we can officially ring the bell that New York state has passed Florida for the #3 state ranking for HECM endorsement volume.
New York and Florida have been neck and neck for most of the past year, but given the dramatic jump in February for New York (green line) it seems likely that for the near future at least we’ll be talking about CA, TX, and NY as the big 3.
It’s also no secret where the volume is happening, as NY is the only state beside CA with 3 counties in the top 10 list nationally. Suffolk, Nassau, and Queens are all on Long Island in the greater NYC metro area – and they’re also the only 3 counties in the top 10 showing growth from 2011.
Somewhere in the big city, a street vendor is already selling an update on the classic t-shirts: “NY Loves HECMs”
Click on the image below to view the full HECM Trends report for this month.