German Mortgages Stabilising, Not Yet Recovering
The volume of new German mortgages in August 2023 is around 22% down on the same period last year. Although this is 10% better than in July 2023. August was also slightly better than the usual seasonal trend remaining flat on July but normally being a month with double-digit declines.
Total new mortgage business of €14.4 bn is the worst value for any August since the great financial crisis in 2008.
So in a nutshell: August numbers are slightly better than July, but still far away from good.