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ECONOMIST: UPTICK IN HOUSING DEMAND
updated 09/27/13 11:54 AM
Speaker at Upcoming Economic Forum
Catalyst Corporate FCU's 36th annual Economic Forum on Oct. 22-23 will bring together seven economists and financial industry experts to share valuable insights to help credit unions prepare for the future.

James Smith, chief economist for Parsec Financial Management and one of the featured speakers, will discuss "Credit Union Implications of a Rebounding Real Estate Market".

"Credit union leaders may be surprised to see how strong the demand for housing and home mortgages is over the next few years," said Smith. "The U.S. has not built enough new houses for several years, so pent-up demand is huge."

According to Smith, demand for new households is about 1.25 million units a year. Couple this with the 250,000 to 300,000 units that are demolished each year, and demand increases further. That means to keep up with demand there should be about 1.5 million single-family housing starts—a level that hasn't been seen since 2006.

U.S. homebuilder confidence is currently at its highest level since 2005, and credit unions are jumping on the bandwagon. In 2005, credit unions issued more than $59 billion in first-lien mortgages. In 2012 that number swelled to $123 billion, and is on pace to reach $130 billion in 2013.

"Obviously, credit unions striving to provide the best service possible to their members will want to take whatever steps are necessary to help them find the right mortgage products," Smith added. "As these differ widely depending upon the characteristics of the membership, credit unions must make informed choices to ensure that products are a good fit for both the members and the credit union as a whole."

Learn more about housing marketing and get valuable intel from Smith at the Economic Forum.Click here to register!

 
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ECONOMY 'WELL POSITIONED AND READY' updated 07/21/14 02:06 PM
CUs Can Look to Growth Areas
As the economy expands throughout the latter half of 2014, credit unions should focus particularly on the largest employment sectors and growth in these areas, according to California and Nevada Credit Union Leagues Chief Economist Dwight Johnston in his latest Credit Union Digest column.

NCUA TO INCORPORATE 'RBC' COMMENTS updated 07/21/14 01:22 PM
All Audio Sessions Posted Soon
The National Credit Union Administration’s (NCUA) three listening sessions in Los Angeles, Chicago, and Alexandria, VA are finished—and the agency said it’s “incorporating comments and ideas from the sessions into its work, including the ongoing review of the agency’s proposed risk-based capital rule.”

STORY ON CONGRESSMAN ISSA CLARIFIED updated 07/20/14 11:53 AM
'Misrepresents Facts,' Dykstra Says
Some within the credit union industry may have read the recently published Credit Union Times article regarding remarks from Rep. Darrell Issa, R-CA, in relation to the credit union movement.

HEARING: ROYCE ADDRESSES RBC CONCERN updated 07/18/14 11:59 AM
CU CEOs Comment on Record
Rep. Ed Royce, R-CA and a senior member of the House Financial Services Committee, recently questioned a witness on the National Credit Union Administration's risk-based capital proposal during a committee legislative hearing.