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CALIFORNIA LENDING INSTITUTIONS TO MAKE REAL ESTATE LOANS IN RECORD AMOUNTS THIS YEAR ACCORDING TO A REAL ESTATE INFORMATION SERVICE

CALIFORNIA LENDING INSTITUTIONS TO MAKE REAL ESTATE LOANS IN RECORD

AMOUNTS THIS YEAR ACCORDING TO A REAL ESTATE INFORMATION SERVICE
 LA JOLLA, Calif., Oct. 29 /PRNewswire/ -- Riding high on a wave of refinancing activity, California lending institutions will make real estate loans in record amounts this year, according to a real estate information service.
 Dollar volume for the third-quarter totaled $62.5 billion (see chart). That was 6 percent behind the previous quarter's $66.5 billion, but 34.1 percent more than the $54 billion for the July-to-September period last year, according to La Jolla-Based Dataquick Information Systems.
 At the current lending pace, statewide dollar volume will reach $260 billion by the end of the year, easily passing 1989's record $231 billion.
 The total was $210 in 1990 and $193 billion in 1991.
 "A lot of people who have been refinancing their homes probably wanted to sell, but with flat prices they've decided to sit tight and wait. By refinancing, they're taking advantage of the low interest rates," said Donald L. Cohn, Dataquick chief executive officer.
 While the refinancing category accounted for 25 to 30 percent of the real estate lending market two or three years ago, it now accounts for almost 70 percent of the market today, according to Dataquick.
 Dataquick monitors all real estate buying and financing and provides data to lending institutions, title companies and industry analysts. The total numbers include all lending activity, commercial as well as residential.
 California's five largest real estate lenders during the third quarter were Bank of America, Home Savings, Countrywide Funding, North American Mortgage (formerly IMCO Realty Services) and Great Western.
 Third-quarter lending dollar
 volume in millions.
 County 3Q91 3Q92 Pct.
 Change
 Los Angeles $13,907 $17,103 23.0 pct.
 Orange County $5,394 $7,296 35.3 pct.
 San Diego $4,139 $5,426 31.1 pct.
 Riverside $2,195 $2,278 3.8 pct.
 San Bernardino $2,062 $2,307 11.9 pct.
 Ventura $1,166 $1,697 45.6 pct.
 So.Calif. Total $28,862 $36,106 25.1 pct.
 San Francisco $994 $1,444 45.2 pct.
 Alameda $2,011 $3,302 64.2 pct.
 Contra Costa $1,734 $2,746 58.3 pct.
 Santa Clara $2,740 $4,538 65.6 pct.
 San Mateo $1,269 $2,037 60.5 pct.
 Marin $702 $1,084 54.5 pct.
 Solano $552 $757 37.1 pct.
 Sonoma $870 $1,164 33.8 pct.
 Napa $248 $312 25.7 pct.
 Bay Area Total $11,121 $17,383 56.3 pct.
 Santa Cruz $408 $594 45.4 pct.
 Santa Barbara $553 $714 28.9 pct.
 San Luis Obispo $319 $406 27.3 pct.
 Monterey $398 $560 40.7 pct.
 Coast Total $1,679 $2,273 35.4 pct.
 Sacramento $1,471 $2,131 44.8 pct.
 San Joaquin $489 $747 52.9 pct.
 Placer $434 $638 47.1 pct.
 Kern $598 $609 1.9 pct.
 Fresno $629 $762 21.2 pct.
 Madera $98 $116 17.5 pct.
 Merced $149 $238 60.1 pct.
 Tulare $251 $320 27.3 pct.
 Yolo $175 $242 38.1 pct.
 El Dorado $296 $387 31.0 pct.
 Stanislaus $387 $570 47.4 pct.
 Inland Total $4,977 $6,762 35.9 pct.
 All California $46,639 $62,525 34.1 pct.
 -0- 10/29/92
 /CONTACT: John Karevoll, 714-867-7656/ CO: ST: California IN: SU:


EH -- LA019 -- 6650 10/29/92 14:03 EST
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Date:Oct 29, 1992
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