There is turmoil in the housing market. And 78% of community bank executives think it will “crash” in the next five years, a . According to new survey out this morning.
big picture: While execs have cautioned on the housing market – where average prices have risen 15% in the past year – almost all of them (95%) are optimistic about local economic conditions in the next year.
- The survey, conducted by Wakefield Research in August, included 100 community banking executives and 50 credit union executives who manage $500 million to $50 billion in assets.
During this: Local banks say they have played a big role in recovering from the pandemic.
- Bank leaders indicated that on average, about a quarter of their business customers would have closed in the past year and a half, without their help.
Look at this place: The transition to digital has been slow for community banks.
- Nearly 99% of executives admit their institutions haven’t fully embraced digital banking – and 44% say one reason is that their leadership doesn’t believe in it.