Tags: US | Bancorp | Loan | Demand

US Bancorp CEO: Loan Demand is Finally Picking Up

Wednesday, 18 April 2012 07:34 AM

Business are asking for more credit and individuals need more loans, says US Bancorp CEO Richard Davis.

"The number of businesses asking for more availability of credit is quite remarkable," Davis tells CNBC.

"People are hungry to take on a little more possible debt for the opportunities that might present themselves as the recovery starts to become more present."

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Recovery and loan demand are up everywhere, and not just spiking in any one corner of the economy.

"We're optimistic" about the economy, Davis says, adding, "we see a slow, steady recovery."

Mortgage growth, mainly for repurchases or refinancing, was the best in US Bancorp's history, Davis adds.

"It's looking pretty good. People are buying homes."

The housing sector is showing choppy signs of improve although it is bumping along the bottom.

Groundbreaking on homes fell in March although permits for future construction were up to their highest levels in over three years.

Building permits issued in March rose 4.5 percent, according to government data, while U.S. housing starts fell 5.8 percent to a seasonally adjusted 654,000 units, down from a revised 694,000 units in February.

Some experts agree that after bouncing along the bottom, the sector will be well along the road to recovery by 2013.

"The housing crash is now over ... and by this time next year, housing will no longer be a drag for the economy but a tailwind," Moody's Analytics Chief Economist Mark Zandi tells Yahoo's The Daily Ticker.

"House prices are now low enough relative to incomes that single family housing is about as affordable as it's ever been in the data we have going back to World War II," Zandi says.

Editor's Note: Obama Donor Banned This Video But You Can Watch it Here

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Wednesday, 18 April 2012 07:34 AM
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