Data released by the South African Reserve Bank indicates that the year-on-year (y/y) growth in the value of mortgage advances by monetary institutions (the net outstanding balance on mortgage loans at these institutions) tapered off further to 6,4% y/y in July 2009, from 8,2% y/y in June. This was the lowest year-on-year growth in outstanding mortgage balances since May 2000, when it was 6,3%. On a month-on-month basis, the outstanding balance on mortgage loans was down by 0,1% in July, which was the first month-on-month decline since September 2002.
Mortgage Advances Growth Slows Down Further In July
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