Australian Finance Group, which accounts for 10 per cent of the national market, with a mortgage book in excess of $50billion, yesterday declared a"mortgage recession" following two successive quarters of falling sales.
Last month, AFG sold 5939 mortgages, an 11 per cent drop from May when it sold 6691, and 17 per cent down from April, when 7125 sales were made. In June last year, it recorded 8195 sales.

Full story: theaustralian.news.com.au