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   James E. Veale, CPA, MBT

   September 4, 2012 at 1:05 pm

   This is shaping up as the second worst drop for a fiscal year ever both in raw numbers and percentage. For the eleven months just ended we have 22,000 fewer endorsements than we did during all of the last fiscal year. With only 4,122 endorsements for last month and the holiday falling on the 3rd of September, it seems that total endorsements for this fiscal year could be as much as 17,000 to 18,000 less than last fiscal year. The total endorsements for last fiscal year were 73,131 meaning that the total for this fiscal year should be around 55,600.

   With June 2012 and July 2012 total FHA case numbers assigned already lower than the same months last year, fiscal 2013 is not shaping up to be a better fiscal year than fiscal 2012 and could be worse by some estimates. For now it seems that total endorsements for fiscal 2013 could slide under 50,000.

   While the future of the industry is bright, it may be very difficult to envision that future at least for another fiscal year. Let us hope the turnaround will be visible by the end of next fiscal year.

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