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Tue 08 Aug 2010Mortgage sector hit by 40% fall-off in second quarter
MORTGAGE LENDING fell by 40 per cent in the second quarter of this year as the number of new mortgages drawn down slumped to 7,827, and the average loan size dropped to €166,770, according to the latest Irish Banking Federation/PricewaterhouseCoopers (IBF/PwC) Mortgage Market Profile.
With investors now effectively out of the market, nearly 75 per cent of new mortgage loans are going to home purchasers – up from 41 per cent in the first quarter of 2008.
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