Number of loans in the country of mortgage loans in the I quarter of 2010 decreased by 30% relative to the same period of 2009. This decline is a record for the local property market. Housing prices in New Zealand while growing. The total value of loans decreased by 25,2%, reports Property Wire, citing data from the Reserve Bank. According to the economist bank Goldman Sachs JBWere Philip Borkin, reduced demand for mortgages is partly due to higher interest rates on long-term loans. An expert in real estate Ollie Newland believes that more people prefer to rent before purchasing it, and this factor could also make their own adjustments to the situation in the mortgage market. Prices for residential property in New Zealand, meanwhile, are growing. In March, they rose by 6,1% compared with March 2009.
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