Wednesday, 10 December 2008

It's an ill wind that ...


The extent of the drubbing which non-banks are now getting in the home loan market is clear from October figures released this morning by the Australian Bureau of Statistics.

For the banks the number of owner occupied dwellings financed by banks (seasonally adjusted) rose 1.3% in October 2008 compared with September 2008, after a revised decrease of 2.5% in September 2008. The trend series fell 0.8% in October 2008, the tenth consecutive monthly decrease.


Things were far worse for the non-banks. The number of owner occupied dwellings financed by them was up 1.5% in October 2008 compared with September 2008, after a revised decrease of 1.6% in September 2008. The trend series in the number of owner occupied dwellings financed by non-banks decreased 2.6% in October 2008, the sixteenth consecutive monthly decrease.


When it comes to the value of loans the gap is now wide and getting wider

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