HECM Markets Thru June 30
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In a previous post we looked at mid-year trends among the top HECM lenders. The table below shows how HECM activity and HECM market shares have shifted among geographic markets over the last few years.
Three years ago HECM activity was dominated by California. Four California markets - Los Angeles, Santa Ana, Sacramento and San Francisco - accounted for more than 25% of all HECMs endorsed through the first half of 2005. Through the first six months of 2007, these same markets account for only a 14% share of HECM endorsements.
A trio of Florida markets (Coral Gables/Miami, Tampa and Orlando), on the other hand, have seen their combined market share leap from 6.1% in 2005 to 14.6% in 2007.
California’s drop in HECM market share is the result not only of of strong growth in other areas, but also absolute declines in the number of California HECMs being originated. In the first half of 2006, the four California markets named above generated 9,444 HECM loans; in the first half of 2007 they accounted for 8,046 loans. an absolute fall-off of 1,398 loans (14.8%) in one year.
| HECM Endorsements Thru June 30 | 2007 | 2006 | 2005 | ||||
|---|---|---|---|---|---|---|---|
| 2007 Rank |
Market (HUD Office) | HECM Loans |
% Mkt |
HECM Loans |
% Mkt | HECM Loans |
% Mkt |
| 1 | CORAL GABLES | 4,328 | 7.70% | 1,921 | 4.70% | 671 | 3.20% |
| 2 | LOS ANGELES | 2,574 | 4.60% | 3,088 | 7.50% | 1,884 | 9.00% |
| 3 | SANTA ANA | 2,555 | 4.50% | 3,127 | 7.60% | 1,505 | 7.20% |
| 4 | TAMPA | 1,978 | 3.50% | 958 | 2.30% | 350 | 1.70% |
| 5 | ORLANDO | 1,923 | 3.40% | 788 | 1.90% | 256 | 1.20% |
| 6 | PHOENIX | 1,902 | 3.40% | 1,240 | 3.00% | 338 | 1.60% |
| 7 | BOSTON | 1,893 | 3.40% | 1,226 | 3.00% | 517 | 2.50% |
| 8 | NEW YORK | 1,668 | 3.00% | 1,365 | 3.30% | 670 | 3.20% |
| 9 | SACRAMENTO | 1,592 | 2.80% | 1,889 | 4.60% | 999 | 4.80% |
| 10 | PHILADELPHIA | 1,574 | 2.80% | 835 | 2.00% | 395 | 1.90% |
| 11 | BALTIMORE | 1,476 | 2.60% | 809 | 2.00% | 367 | 1.70% |
| 12 | CHICAGO | 1,438 | 2.50% | 913 | 2.20% | 499 | 2.40% |
| 13 | RICHMOND | 1,417 | 2.50% | 685 | 1.70% | 297 | 1.40% |
| 14 | FRESNO | 1,325 | 2.30% | 1,340 | 3.30% | 468 | 2.20% |
| 15 | SEATTLE | 1,248 | 2.20% | 810 | 2.00% | 470 | 2.20% |
| 16 | SAN FRANCISCO | 1,193 | 2.10% | 1,805 | 4.40% | 1,032 | 4.90% |
| 17 | HARTFORD | 1,152 | 2.00% | 870 | 2.10% | 400 | 1.90% |
| 18 | NEWARK | 1,151 | 2.00% | 779 | 1.90% | 422 | 2.00% |
| 19 | WASH DC | 1,143 | 2.00% | 679 | 1.70% | 366 | 1.70% |
| 20 | PORTLAND | 1,129 | 2.00% | 810 | 2.00% | 379 | 1.80% |
| 21 | JACKSONVILLE | 1,124 | 2.00% | 520 | 1.30% | 210 | 1.00% |
| 22 | CAMDEN | 991 | 1.80% | 538 | 1.30% | 302 | 1.40% |
| 23 | DETROIT | 924 | 1.60% | 632 | 1.50% | 540 | 2.60% |
| 24 | DENVER | 882 | 1.60% | 1,049 | 2.60% | 721 | 3.40% |
| 25 | ATLANTA | 814 | 1.40% | 449 | 1.10% | 220 | 1.00% |
| 26 | HOUSTON | 791 | 1.40% | 676 | 1.70% | 427 | 2.00% |
| 27 | SAN DIEGO | 714 | 1.30% | 963 | 2.40% | 472 | 2.20% |
| 28 | LAS VEGAS | 709 | 1.30% | 699 | 1.70% | 409 | 1.90% |
| 29 | MINN ST PAUL | 671 | 1.20% | 568 | 1.40% | 327 | 1.60% |
| 30 | FT WORTH | 619 | 1.10% | 503 | 1.20% | 324 | 1.50% |
| 31 | DALLAS | 595 | 1.10% | 508 | 1.20% | 413 | 2.00% |
| 32 | ST LOUIS | 593 | 1.10% | 281 | 0.70% | 124 | 0.60% |
| 33 | CLEVELAND | 579 | 1.00% | 402 | 1.00% | 254 | 1.20% |
| 34 | GREENSBORO | 559 | 1.00% | 420 | 1.00% | 214 | 1.00% |
| 35 | MILWAUKEE | 541 | 1.00% | 289 | 0.70% | 152 | 0.70% |
| 36 | SALT LAKE CITY | 505 | 0.90% | 322 | 0.80% | 237 | 1.10% |
| 37 | ALBANY | 502 | 0.90% | 240 | 0.60% | 94 | 0.40% |
| 38 | INDIANAPOLIS | 489 | 0.90% | 371 | 0.90% | 186 | 0.90% |
| 39 | SAN ANTONIO | 475 | 0.80% | 313 | 0.80% | 183 | 0.90% |
| 40 | GRAND RAPIDS | 437 | 0.80% | 319 | 0.80% | 209 | 1.00% |
| 41 | COLUMBIA | 405 | 0.70% | 221 | 0.50% | 106 | 0.50% |
| 42 | KANSAS CITY | 403 | 0.70% | 165 | 0.40% | 106 | 0.50% |
| 43 | PITTSBURGH | 378 | 0.70% | 203 | 0.50% | 148 | 0.70% |
| 44 | HONOLULU | 356 | 0.60% | 260 | 0.60% | 72 | 0.30% |
| 45 | BOISE | 344 | 0.60% | 249 | 0.60% | 114 | 0.50% |
| 46 | BIRMINGHAM | 344 | 0.60% | 154 | 0.40% | 72 | 0.30% |
| 47 | MANCHESTER | 315 | 0.60% | 221 | 0.50% | 85 | 0.40% |
| 48 | BUFFALO | 314 | 0.60% | 201 | 0.50% | 139 | 0.70% |
| 49 | PROVIDENCE | 308 | 0.50% | 168 | 0.40% | 92 | 0.40% |
| 50 | TUCSON | 304 | 0.50% | 153 | 0.40% | 49 | 0.20% |
| 51 | ALBUQUERQUE | 286 | 0.50% | 182 | 0.40% | 105 | 0.50% |
| 52 | FLINT | 270 | 0.50% | 170 | 0.40% | 91 | 0.40% |
| 53 | LUBBOCK | 259 | 0.50% | 185 | 0.50% | 106 | 0.50% |
| 54 | SPRINGFIELD | 250 | 0.40% | 132 | 0.30% | 64 | 0.30% |
| 55 | KNOXVILLE | 232 | 0.40% | 111 | 0.30% | 47 | 0.20% |
| 56 | LOUISVILLE | 219 | 0.40% | 107 | 0.30% | 59 | 0.30% |
| 57 | BANGOR | 209 | 0.40% | 171 | 0.40% | 76 | 0.40% |
| 58 | WILMINGTON | 207 | 0.40% | 101 | 0.20% | 43 | 0.20% |
| 59 | RENO | 202 | 0.40% | 176 | 0.40% | 94 | 0.40% |
| 60 | LITTLE ROCK | 197 | 0.30% | 110 | 0.30% | 61 | 0.30% |
| 61 | NEW ORLEANS | 195 | 0.30% | 97 | 0.20% | 152 | 0.70% |
| 62 | TULSA | 194 | 0.30% | 138 | 0.30% | 62 | 0.30% |
| 63 | COLUMBUS | 193 | 0.30% | 113 | 0.30% | 71 | 0.30% |
| 64 | OKLAHOMA CITY | 183 | 0.30% | 99 | 0.20% | 72 | 0.30% |
| 65 | CINCINNATI | 173 | 0.30% | 99 | 0.20% | 70 | 0.30% |
| 66 | DES MOINES | 158 | 0.30% | 92 | 0.20% | 75 | 0.40% |
| 67 | JACKSON | 156 | 0.30% | 40 | 0.10% | 39 | 0.20% |
| 68 | SPOKANE | 135 | 0.20% | 74 | 0.20% | 34 | 0.20% |
| 69 | OMAHA | 133 | 0.20% | 126 | 0.30% | 108 | 0.50% |
| 70 | CHARLESTON | 133 | 0.20% | 47 | 0.10% | 24 | 0.10% |
| 71 | MEMPHIS | 122 | 0.20% | 44 | 0.10% | 18 | 0.10% |
| 72 | NASHVILLE | 118 | 0.20% | 71 | 0.20% | 24 | 0.10% |
| 73 | TOPEKA | 116 | 0.20% | 68 | 0.20% | 31 | 0.10% |
| 74 | HELENA | 105 | 0.20% | 83 | 0.20% | 51 | 0.20% |
| 75 | SHREVEPORT | 99 | 0.20% | 55 | 0.10% | 27 | 0.10% |
| 76 | BURLINGTON | 84 | 0.10% | 49 | 0.10% | 28 | 0.10% |
| 77 | CASPER | 74 | 0.10% | 91 | 0.20% | 19 | 0.10% |
| 78 | SIOUX FALLS | 35 | 0.10% | 46 | 0.10% | 24 | 0.10% |
| 79 | ANCHORAGE | 30 | 0.10% | 17 | 0.00% | 13 | 0.10% |
| 80 | FARGO | 24 | 0.00% | 21 | 0.10% | 14 | 0.10% |
| 81 | CARIBBEAN | 1 | 0.00% | 1 | 0.00% | 1 | 0.00% |
| Grand Total | 56,436 | 100.00% | 40,910 | 100.00% | 20,989 | 100.00% | |
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