Home loans market in freefall due to downturn

New mortgage statistics published by the Irish Banking Federation (IBF) last week highlighted the extent of the implosion in the market for home loans.

15th August, 2009

New mortgage statistics published by the Irish Banking Federation (IBF) last week highlighted the extent of the implosion in the market for home loans.

The banking industry umbrella group had grim news on the level of credit being pumped into the economy to convert developer loans into residential mortgages. First time buyers took out just over 5,500 home loans in the first half of 2009, despite a modest pick-up in the second quarter.

If the current weakness...

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