Spring is traditionally a time when home owners are considering buying new homes or re-feathering their nests with renovations. And it seems if recent trends continue, many will have more disposable income to consider investing in new space or enhancing existing homes.
Based on indicators, it’s a good time to begin promoting mortgages, home refinancing and home renovations at your credit union.
Personal income increased $116.5 billion (0.6%) in January according to recent estimates from the Bureau of Economic Analysis. Disposable personal income (DPI) increased $101.4 billion (0.6%), and personal consumption expenditures (PCE) increased $29.6 billion (0.2%).
The increase in personal income in January primarily reflected increases in compensation of employees and social security benefit payments (related to annual cost of living adjustments), and other government social benefits to persons, which includes the Affordable Care Act refundable tax credit.
Personal outlays increased $27.0 billion in January. Personal saving was $1.33 trillion in January, and the personal saving rate, personal saving as a percentage of disposable personal income, was 7.9%.
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