South Korea says mortgage loan growth slows in Oct - News

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South Korea says mortgage loan growth slows in Oct

By: AFX | 06 Nov 2009 | 02:25 AM ET

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SEOUL, Nov 6 (Reuters) - South Korea said on Friday that growth in mortgage lending slowed for a third consecutive month in October in the wake of government regulatory measures aimed at averting a property price bubble. Banks and other financial institutions boosted mortgage lending by a net 3.2 trillion won ($2.73 billion) during October, lower than a net gain of 3.7 trillion won in September, the Financial Supervisory Service said in a statement. The lending grew by as much as a net 4.5 trillion won each in June and July before starting to slow after the government imposed stricter lending regulations in the capital area in July. The government has taken additional measures during the subsequent months, mainly for implementation in Seoul and surrounding areas, where about half of the country's population lives. The central bank has repeatedly expressed concern about growing mortgage lending and the resultant rise in housing prices, and warned it would have to raise interest rates if the property boom heated up. ($1=1172.1 Won) (Reporting by Yoo Choonsik; Editing by Chris Lewis) ((choonsik.yoo@thomsonreuters.com; +82 2 3704 5580; Reuters Messaging: choonsik.yoo.reuters.com@reuters.net)) Keywords: KOREA ECONOMY/MORTGAGE (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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