Home loan approval rates falling sharply
The number of housing loans approved by banks each week has been dropping sharply, a new experimental Reserve Bank data series shows.
Friday, July 18th 2008, 9:55AM
by Jenny Ruth
The number of approvals was down 27.8% on a year earlier on a 13-week moving average basis while the value of approvals was down an even greater 36.9%.
In the 52 weeks ended July 11, the number of approvals was down 22.4% and their value was down 30.4% on the previous year.
The central bank says seven banks are responding to its new survey and the figures represent more than 99% of lending by registered banks on housing.
The figures for last week showed a slight improvement from mid-June when the number of applications was down 29.6% on a 13-week moving average basis and their value was down 39.8%.
| « Mortgage applications fall 21% in first half, Veda says | NZ central bank to cut rates in next 3 months » |
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