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No Change Seen In Australia Home Loans

Published 12/31/2000, 07:00 PM
Updated 01/13/2009, 07:56 PM
TTEF
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Release Explanation: This report tracks developments in the number and value of outstanding home loans in Australia. Home Loans are a measure of activity in the housing market. The figure acts as a gauge for consumer confidence, since consumers usually take out large loans only when they have sufficient saving or believe they will be able to pay them back in the future.
 
The sales of a new home usually trigger a sequence of consumption. In addition to the high expenditure of the new home, buyers are likely to spend more money on furnishing and customizing their home. Consequently, growth in the housing market spurs more consumption, generating demand for goods, services and the employees to provide them. Thus an n increase in loans may forecasts growth in the economy.
 
Trade Desk Thoughts: Home loans in Australia grew by 1.3 percent in November which was slightly above forecasts of a 1.0 percent increase. In trend terms, the number of commitments for owner occupied housing finance remained unchanged while the number of commitments for owner occupied housing finance excluding refinancing rose 0.5%. In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 19.5% in October 2008 to 23.6% in November 2008, the highest proportion since January 2002.
 
Forex Technical Reaction: The Australian dollar moved over 100 pips from the low of .6575 that it reached during trade today. The pair is currently struggling with the neutral LFB pivot point at .6680.

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