The year-on-year (y/y) growth in the value of total mortgage advances by monetary institutions (the net outstanding balance on mortgage loans at these institutions) slowed down to 9,4% in May 2009, from 10,6% in April, according to data released by the South African Reserve Bank. This was the lowest and also the first single-digit year-on-year growth in outstanding mortgage balances since September 2000. On a month-on-month basis the outstanding balance on mortgage loans was marginally higher in May, after growth of 0,1% was recorded in April compared with March.
Mortgage advances growth in single digits
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