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LOCAL EDITION ANALYTICS and April's index came in almost 11 points below at 128. While lower than the March index, April's index showed growth from last April's index of 114.4. CAR's president, LeFrancis Arnold, attributed the fall in pending sales to "inventory constraints." "The tight inventory we've Stand, a national small business organization, has another sug- gestion: Support local, indepen- dently owned businesses in the neighborhood. "Independent business truly continue to prove that buying local whenever possible improves the economy—from the neighbor- hood level up." The calculator works in been experiencing in the dis- tressed market over the past several months is now spreading to equity properties, essentially affecting the supply conditions of both the distressed and non-dis- tressed markets," Arnold said. CAR's chief economist, Leslie Appleton-Young, concurs that "inventory is scarce in all price ranges, recent release of California's exist- ing home sales report that inven- tory is "the biggest issue" right now in California's housing market. Appleton-Young reported a " and in fact stated with the 4.2-month housing supply in April. This compares to a 6.2-month sup- ply for the nation overall, accord- ing to the National Association of Realtors' latest report. Equity sales—non-distressed sales—continue to make up more than half of the state's sales, ris- ing from 54.4 percent in March to 58 percent in April. April's rate was the highest reported since July 2008. As distressed properties tend to sell at lower prices, this can have a positive impact on prices. The median home price in April in California was $308,050, marking the first time prices have risen above $300,000 since December 2010, according to the existing home sales report, released in recent weeks. Successful Local Businesses Could Increase Home Value A NEW STUDY EVALUATES THE CONNECTION BETWEEN SMALL BUSINESS GROWTH AND HOME VALUES. VIRGINIA // Before moving toward home renovations to increase value, Independent We reported that home values in neighborhoods with strong, inde- pendent retail districts grew at a much faster rate during a 14-year period than those without. From this information, larly hard-hit by the economic recession, the average home value would have increased 47 percent from 1997 to 2011 if it had been located near a suc- cessful independent business district," Brunelle said. "Studies Independent We Stand created a home value calculator online to help homeowners determine the value increase of their homes if they were located next to suc- cessful, locally owned, indepen- dent businesses. "In Detroit, a city particu- of the organization's campaign to educate the population about the benefits of owning and supporting local businesses. They also support local busi- is the lifeblood of the American economy," Bill Brunelle, of Independent We Stand, said in a release. A recent study conducted by American Express OPEN conjunction with Independent We Stand's economic impact calculator that simulates the impact of a family that spends at least $10 a month on a locally owned business instead of a national chain. Both are a part THAT SHOWS SIGNIFICANT INCREASES IN MORTGAGE LOAN VOLUME FOR CREDIT UNIONS. DISTRICT OF COLUMBIA // First-lien home loans helped move credit unions to set new records with loan originations over the first quarter. Callahan & Associates, a Washington, D.C.-based law firm, revealed that first-mortgage originations reached $26 billion by the end of the quarter, accounting for 36 percent of originations. Credit unions reportedly originated 160,746 first-lien loans, with mortgages averaging $161,549. "Originations during the first three months of 2012 exceeded $72 billion, up 25.3 percent over the same time period last year," says Jay Johnson, EVP for the financial consulting firm Callahan & Associates. "This year-over-year growth is significantly higher than the 13.3 percent recorded in 2011." Consumer loan originations ticked up 16.6 percent to reach $39 billion quarter-over-quarter but fell year-over-year. Total balances outstanding for mortgage loans rose 2.7 percent year-over-year, signaling a reversal for credit unions, which saw 0.9 percent in declines last year. The law firm said that first- ness by offering free online ad- vertising to independent business owners, as well as resources to find local businesses in the area. Independent We Stand is based in Virginia and sponsored by STIHL, Inc. Credit Unions Originate Record Number of Mortgages IN THE NATION'S CAPITAL, ONE LAW FIRM DEBUTS DATA quarter originations tipped a new industry record by exceeding $1 trillion. Many members of credit unions continue to bring funds with them, increasing shares year- over-year as both regular shares and share drafts achieve double- digit growth. The report stayed mum about whether new loan originations rose on a shift from banks to credit unions by members of the public last fall. In November, activists helped launch Bank Transfer Day to mobilize bank consumers to drop their traditional accounts with larger, for-profit institutions in favor of nonprofit credit unions, a story that swept both social and traditional media. THE M REPORT | 69 ORIGINATION SERVICING ANALYTICS SECONDARY MARKET