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Australia Housing Loans Decline For Second Month

Loans extended to owner occupied housing in Australia declined for a second consecutive month in February, the Australian Bureau of Statistics said Wednesday.

In seasonally adjusted terms, the number of commitments for owner occupied housing finance fell 2.5 percent month-on-month following 1.1 percent fall in the preceding month. This was, however, better than the 4 percent drop forecast by economists.

In terms of value, total loans fell 4 percent from a month earlier. The number of loans extended for purchase of new dwellings slipped 10.4 percent month-on-month.

Investment lending, on the other hand, grew 4.4 percent from a month earlier. This followed a 7.1 percent decline in January.

by RTTNews Staff Writer

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