Construction loans increased 3.2% in the first quarter, the eighth consecutive quarterly gain. The total outstanding balance of loans issued by FDIC-backed institutions was at $246.1B in Q1, still well below the peak of $632.8B in 2008. The Wall Street Journal has the details on Wednesday’s data release from the FDIC and reports that developers and builders are increasingly seeking financing from non-bank lenders not backed by the FDIC. The increase in lending coincides with the strength of new home sales this spring, which are up 26.1% through the first four months of 2015 compared to the previous year. [WSJ]
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