IE Business Daily Business news for the Inland Empire.
Credit union members in the Inland Empire are spending their money wisely, according to a report released Monday.
Among local residents who belong to Inland Empire-based credit unions, first mortgages rose 12 percent during the first quarter of this year, to $401 million, the Ontario-based California Credit Union League reported.
Conversely, home equity lines of credit and second mortgages dropped by 14 percent, to $140 million, a level not reached since 2004.
Used auto loans rose 17 percent, hitting a record $552 million, while loans for new automobiles reached 34 percent, to $415 million. The new auto loan figure was the largest in the Inland Empire since 2008, according to the report.
Those spending patterns “are consistent with expanding job growth and economic trends when compared to history,” the report noted.
