The NAFCU Journal January - February 2018 - 29

market in 2017. "New construction is
prevalent, and the trend is toward larger
homes. In our mortgage area, we are
seeing a higher portion of purchases vs.
refinances in recent months than we saw
earlier in the year.

"

It's been a long time since rates have
moved, and credit unions may no longer be
able to sit on the sidelines and not have to
move their share account rates.

"

"We hear the same talk of shortages
anecdotally," he added. "Construction of
new homes has been strong. Assuming
longer-term interest rates remain stable,
we would expect this to continue."

- FRED EISEL, SENIOR VICE PRESIDENT, CHIEF INVESTMENT OFFICER,
VIZO FINANCIAL CORPORATE CREDIT UNION

NAFCU Chief Economist and Vice
President of Research Curt Long, on
the other hand, isn't seeing similar
momentum nationwide. "Even before
the weather-related disruptions that
impacted many markets, sales growth
had been pretty tame. The main obstacle is well-known: a shortage of supply,
possibly as a result of a lack of laborers
and affordable land," said Long. "Taking
the long view, improving rates of household formation and rising demand from
younger generations are promising
developments. But until builders add
to housing inventory, those trends only
serve to ratchet up price growth."

"While credit unions have been able to
squeeze more out of the vehicle market
than other lenders, we expect some of
that momentum to fade in 2018," Long
said. "The market has clearly plateaued,
and while credit unions are still enjoying robust growth in auto loans, we are
beginning to see some moderation. That
is likely to continue to be the case. The
exception would be those credit unions
in weather-affected areas, where many
consumers will be looking to replace
damaged vehicles."

Long also is bearish on auto sales in the
coming year.

Eisel sees a similar plateau in his North
Carolina region. "Demand will still be

THE NAFCU JOURNAL  JANUARY-FEBRUARY 2018

strong, but we believe the best part of the
auto lending market was in the past few
years. We will revert to a more normal
auto lending trend. In our region, it
remains the same: Some credit unions
are seeing significant loan growth, while
others have none."
Jacksonville's Inman remained cautious
in mid-October when he was asked
about the next 12 months of auto sales.
"We're still budgeting strong auto sales,
direct and indirect," he said, though he
admitted projections were for weaker
demand for total light vehicle sales
as the market continues to absorb a
nationwide glut of autos in 2016 and
early 2017.

29



Table of Contents for the Digital Edition of The NAFCU Journal January - February 2018

Conferences
From the Chair
Advocacy Snapshot
Washington and Industry Briefs
Growth Strategies
Stepping Into the Future
A Clear Path Forward
Economic Outlook: It’s Complicated
NAFCU 2018 Vendor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal January - February 2018 - Cover1
The NAFCU Journal January - February 2018 - Cover2
The NAFCU Journal January - February 2018 - 1
The NAFCU Journal January - February 2018 - 2
The NAFCU Journal January - February 2018 - Conferences
The NAFCU Journal January - February 2018 - From the Chair
The NAFCU Journal January - February 2018 - 5
The NAFCU Journal January - February 2018 - Advocacy Snapshot
The NAFCU Journal January - February 2018 - 7
The NAFCU Journal January - February 2018 - Washington and Industry Briefs
The NAFCU Journal January - February 2018 - 9
The NAFCU Journal January - February 2018 - 10
The NAFCU Journal January - February 2018 - 11
The NAFCU Journal January - February 2018 - 12
The NAFCU Journal January - February 2018 - 13
The NAFCU Journal January - February 2018 - 14
The NAFCU Journal January - February 2018 - 15
The NAFCU Journal January - February 2018 - Growth Strategies
The NAFCU Journal January - February 2018 - 17
The NAFCU Journal January - February 2018 - Stepping Into the Future
The NAFCU Journal January - February 2018 - 19
The NAFCU Journal January - February 2018 - 20
The NAFCU Journal January - February 2018 - 21
The NAFCU Journal January - February 2018 - A Clear Path Forward
The NAFCU Journal January - February 2018 - 23
The NAFCU Journal January - February 2018 - 24
The NAFCU Journal January - February 2018 - 25
The NAFCU Journal January - February 2018 - Economic Outlook: It’s Complicated
The NAFCU Journal January - February 2018 - 27
The NAFCU Journal January - February 2018 - 28
The NAFCU Journal January - February 2018 - 29
The NAFCU Journal January - February 2018 - 30
The NAFCU Journal January - February 2018 - 31
The NAFCU Journal January - February 2018 - 32
The NAFCU Journal January - February 2018 - 33
The NAFCU Journal January - February 2018 - 34
The NAFCU Journal January - February 2018 - NAFCU 2018 Vendor Directory
The NAFCU Journal January - February 2018 - 36
The NAFCU Journal January - February 2018 - 37
The NAFCU Journal January - February 2018 - 38
The NAFCU Journal January - February 2018 - 39
The NAFCU Journal January - February 2018 - 40
The NAFCU Journal January - February 2018 - 41
The NAFCU Journal January - February 2018 - 42
The NAFCU Journal January - February 2018 - 43
The NAFCU Journal January - February 2018 - 44
The NAFCU Journal January - February 2018 - 45
The NAFCU Journal January - February 2018 - 46
The NAFCU Journal January - February 2018 - 47
The NAFCU Journal January - February 2018 - 48
The NAFCU Journal January - February 2018 - 49
The NAFCU Journal January - February 2018 - 50
The NAFCU Journal January - February 2018 - 51
The NAFCU Journal January - February 2018 - Executive Spotlight
The NAFCU Journal January - February 2018 - 53
The NAFCU Journal January - February 2018 - Management Insight
The NAFCU Journal January - February 2018 - 55
The NAFCU Journal January - February 2018 - Compliance Central
The NAFCU Journal January - February 2018 - 57
The NAFCU Journal January - February 2018 - Inside NAFCU Services
The NAFCU Journal January - February 2018 - 59
The NAFCU Journal January - February 2018 - From the President’s Desk
The NAFCU Journal January - February 2018 - Cover3
The NAFCU Journal January - February 2018 - Cover4
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