Wednesday, August 6, 2008

WA Home Loan Approvals drop 25% since January

Who wants a mortgage in WA? Perth is currently in Real Estate recession. Today's article said that home-loan approvals fell more than expected in June. Interest rates being the highest in 10 years has scared buyers out of the real estate market, making it more and more likely that the interest rates will fall soon.

The number of home loans, seasonally adjusted, dropped 3.7% in June from the previous month, according to the Australian Bureau of Statistics.

"It's another sizeable negative number," said economist Matt Robinson of Moody's Economy.com, adding that home financing is now down by 25% since January.

Read more here

This homebuyer is holding his ground... and encouraging others to do the same :)

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