Loans Set Record for 2nd Quarter, Report States
LA JOLLA — California real estate lending totaled $20.8 billion in June, bringing second-quarter 1992 to a record $66.5 billion, a real estate information company reported.
The second-quarter total was 8.5% ahead of the first-quarter’s $61.3 billion and 23.2% ahead of 1991’s second-quarter $54.0 billion, according to La Jolla-based Dataquick Information Systems.
The previous high was $64.4 billion during 1989’s fourth quarter.
“Lower interest rates and the surge of refinancing activity are behind the increase,†said Michael T. Ela, Dataquick president.
Refinancings totaled $34.1 billion during the second quarter, down 8.1% from the first quarter’s $37.1 billion and up 60.1% from second-quarter 1991’s $21.3 billion.
Dataquick monitors all real estate lending and buying activity statewide and provides database access to lending institutions, title companies and others.
San Francisco Bay Area counties saw the steepest increase in lending with San Francisco 84.5% ahead of last year’s levels, Dataquick reported.
Bank of America and Home Savings remain the state’s most active lenders. Countrywide Funding replaced Great Western as the state’s No. 3 lender.
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