MADISON, Wis. — While early indicators showed member business lending demand slowing down, the latest data indicates the loan category is up 12% over the past year and accounts for 7.3% of all loan growth.
That's according to CUNA Mutual Group's June Credit Union Trends Report citing data from CUNA economics and statistics. Thanks to a 1.3% gain in June, total loans reached $566 billion, said Dave Colby, chief economist at CUNA Mutual. Through the first half of 2008, total loans are up 4.1% versus a 2.4% increase for the same period in 2007.
Year to date, real estate secured loans have accounted for 103% of the total increase with 89% of the gain attributable to first mortgages, Colby noted. However, the outlook for lending on new purchases continues to look weak, he added.
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