Lending at California's credit unions increased by 1.3% in the second quarter, making it the fastest second-quarter loan balance increase since the beginning of the recession in 2007, according to a new report from the California Credit Union League.
Automobile financing led the way with a 7.8% in new vehicle loans, and a 6.3% increase in used vehicle loans in the first half of 2013. Unsecured personal loans also grew increasing by 1.8% in the first half.
"It's clear the reports of California's (economy) heating up weren't a flash in the pan," said League Chief Economist Dwight Johnston. "This improved economic outlook is building consumer confidence with near-record increases in new loan applications for big-ticket items ranging from homes to cars."
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