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Mortgage sales grind to a halt

10/08/2010

Sales of new home loans feel to their lowest point in nine years in June, according to the Australian Bureau of Statistics. Australian housing finance commitments for owner-occupied housing fell 3.9 per cent in June, almost twice the market forecast of 2.0 per cent. Total housing finance by value fell by 1.9 per cent.

Finance for construction projects fell by five per cent in June. AMP Capital Investors chief economist Shane Oliver said "It's basically telling us the housing recovery that we've seen over the last 18 months has come to an end, we can't rely on housing construction to continue pushing the economy ahead. Weakness in housing finance would also flow through to weakness in house prices, Dr Oliver said. "It's another reason for the Reserve Bank to leave rates on hold.''

Source: Herald Sun



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