Home loans: “market collapse turns into apocalypse”

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“In August 2022, compared to August 2021, in numerical terms, banks and credit unions granted more installment loans (+44.3%) and credit card limits (+2.2%). (-68.8 percent) were recorded by housing loans “- reported the BIK report.

It was added that by 4.3 percent. the number of granted cash loans also decreased. “In terms of value, banks and credit unions granted a lower value in the three main credit products” – it was noted. The value of granted housing loans decreased the most, by 69.3%. On the other hand, the value of granted cash loans decreased by 6.5%, and in installments by 0.2%. “The value of limits granted on credit cards only increased (+ 7.8 percent)” – indicated.

According to BIK information, in the first eight months of 2022, compared to the same period last year, “negative dynamics, both in terms of numbers and value, were recorded by housing loans (-40.8%, -36.0%) and cards credit lines (-28.6%, -14.3%) “.

“For housing loans, August, like July this year, was catastrophic. In terms of numbers, there has not been such a bad result for over 12 years, i.e. since January 2010.” – noted, quoted in the information, prof. Waldemar Rogowski, the main analyst of the BIK Group.

He added that in August, banks granted only 7.4 thousand of them. He pointed out that the August value of granted mortgages – PLN 2.426 billion – is also the lowest result since January 2010. “So we have a collapse on the housing loan market, which is slowly turning into an apocalypse” – he assessed.

Rogowski pointed out that the value of lending in the first eight months of 2022 is below lending in the first eight months of 2018, and the August reading of the Index of Housing Loans Demand at a historically low level (-72.9%). In his opinion, in the coming months we can expect a deeper decline in lending.

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Tags: Home loans market collapse turns apocalypse

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