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German Mortgage Decline Worst in Europe

Ok, we know by now that German mortgage lending is going through a very rough patch. Nevertheless, if you can take some more bad news, you may want to look at below chart. It shows that the German new mortgage decline was the worst in Europe for Q4 2022 (down 39% over Q4 2021, new business in €bn). That indeed might be another (negative) surprise to some.

And then there are Greece and Ireland which are surprisingly both up more than 50% YoY, but that is a question for another day.