Credit union lending rose 11.8% in April with new car loans and member business loans growing twice as fast as other sectors, CUNA Mutual Group reported Thursday.
Real estate grew at a slower pace as higher interest rates discouraged refinancing and purchase loans and home equity lines of credit have not risen enough to make up for the difference. As a result, real estate's share of the $921.4 billion in total loans on the books April 30 fell by a percentage point to 49%.
Like CUNA's Economic Update Tuesday, CUNA Mutual Group's monthly Credit Union Trends Report raised the likelihood of a recession. "We expect the economy to grow 2.3% during 2017 and 2018 with an economic contraction anticipated in 2019," the trends report said.
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