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CALIFORNIA CONSTRUCTION LENDING TOTALED $1.24 BILLION IN DECEMBER

CALIFORNIA CONSTRUCTION LENDING TOTALED $1.24 BILLION IN DECEMBER
 LA JOLLA, Calif., /PRNewswire/ -- California construction lending totaled $1.24 billion in December, the highest total of any month in last year, according to La Jolla-based Dataquick Information Systems.
 The December figure was up 42.9 percent from $868 million in November, but down 10.3 percent from $1.38 billion in December 1990.
 "The steep decline in construction lending bottomed out last spring when dollar volume was at a $600-$700 monthly level, off 60-70 percent from year-before levels. We can't call this a recovery yet, but things are getting better rather than worse," said Michael T. Ela, Dataquick president.
 For all of 1991, construction loans totaled $11.9 billion statewide, down 46.2 percent from 1990's $22.2 billion. The numbers include all recorded construction loans, commercial as well as residential. Dataquick monitors real estate financing and purchasing, and provides information to lending institutions, title companies and industry analysts.
 Construction lending is showing modest increases in Southern California, while the Central Valley seems to be seeing the greatest growth. Bay Area construction lending remains sluggish.
 Union Bank, Wells Fargo Bank and Bank of America are currently California's largest construction lenders, according to Dataquick.
 -0- 1/23/92
 /CONTACT: John Karevoll for Dataquick, 714-867-7656/ CO: Dataquick Information Systems ST: California IN: FIN SU:


CH -- LA029 -- 2881 01/23/92 14:16 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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