Lending to buy property rises in October but is down sharply from last year's level.Lending to buy property rises in October but is down sharply from last year's level Lending on property purchases in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County rose a bit to $1.86 billion in October, up 10.8 percent from $1.67 billion in September, but off 36.6 percent from $2.91 billion in October a year ago, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dataquik Information Systems. The figures are consistent with comments in the real estate industry that there is a slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , but perhaps the bottom has been reached. Loan totals are based on mortgages extended on real estate transactions in which property changed hands, sometimes called purchase loans. Loans for refinancing Refinancing An extension and/or increase in amount of existing debt. and construction are not included. The loan table is intended to capture the amount of property is sold in Los Angeles County, month by month, and to show the willingness of lenders to extend loans for property acquisition. The bulk of loans, both in number and total loan volume, are for home purchases. In the first 10 months of the year, lenders extended $21.22 billion worth of purchase loans, off 21.6 percent from $27.07 billion last year. Great Western was the largest lender through October, having extended $1.60 billion in loans and capturing a 7.61 percent market share of all purchase transaction loans. The No. 2 lender was Home Savings, with a volume of $1.49 billion and a 7.11 percent market share. In third place was Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , with $991.8 million in loans and a 4.73 percent market share. The fourth-largest lender was California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Federal, with $876.9 million in loans and a 4.18 percent market share. |
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