South Korean mortgage lending to households across the financial sector grew at a slower pace last month as a result of tight loan control efforts, Yonhap reported yesterday, easing pressure for an early rate hike.
The state-run news agency reported that data from the Financial Supervisory Service (FSS) showed non-bank financial firms increased their combined mortgage lending by 1.1 trillion won (S$1.3 billion) last month, less than the 1.3 trillion won gain in September. Banks’ mortgage lending growth slowed for a fourth consecutive month, with the loan increase easing to 2.1 trillion won in October from 2.4 trillion won in September and significantly from 3.8 trillion won seen in June, the FSS said. The nation’s financial authorities have stepped up their loan control measures since early July to temper a growing property market bubble, a concern that the central bank clearly warned might force it to raise rates.
Source : Business Times – 5 Nov 2009
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