NBS Shocker: Mortgage Growth Contracts 19pc in October, Goes Negative YTD
National Bureau of Statistics released November 14 data show that the first 10 months of this year, the growth rate of the national real estate development and investment, sales, and other indicators of the funds in place to continue to decline. Among them, in September and October in a single month, real estate sales volume fell for two consecutive months. Affected by this, housing prices in the source of funds in place, the accumulated growth rate of individual mortgage loans for the first time negative growth.
The NBS report on real estate investment shows a YTD decline of 1 percent in individual mortgages.
For comparison, last year at this time the cumulative YTD growth was 51.5 percent.
I haven’t tracked this data out of NBS, preferring the PBoC data, but I calculated the one-month October growth figure for this past month: negative 18.8 percent.