Irish Mortgage Market Takes 30% Drop During Q1

Posted by Orb Staff on May 21, 2012 No Comments
Categories : Residential Mortgage

11597_125px-flag_of_ireland.svg Irish Mortgage Market Takes 30% Drop During Q1 The value of new mortgage lending in Ireland plummeted 30% during the first quarter of this year and is now approximately one-third of the level seen two years ago, according to new data from the Irish Banking Federation.

According to a Reuters report, the value of Irish new mortgage lending fell to $572 million in the first quarter from $813 million in the fourth quarter of 2011. As a result, Irish house prices are now half of their value since the 2008 credit crisis began.

Residential mortgage lending in Ireland was 22% below the level recorded in the first quarter of last year and 63% below the first quarter of 2010.

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