DCCU Reporting Increase in Home Loans for First Quarter

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Amidst the negative news of rising gas prices, there is a spot of bright news about the economy from one of the area's largest lenders.

Dupont Community Credit Union reports the number of loans it made during the first quarter of the year is up 11 percent over the same period last year.

A good part of that increase is from real estate and purchase loans, but auto loans are down and that may be due to gas prices.

Steve Pittman, Vice-President of Accounting & Finance for DCCU, says, "Dealers, you know with gas prices, dealers are probably seeing a more difficult environment as far as selling vehicles, so they are looking to offer a lot more competitive financing rates so that could be a contributing factor for why it's beginning to affect us a little bit."

Pittman says the increase in real estate loans is hopefully an indication the economy is beginning to recover and that more people are starting to buy houses.