The worst credit growth in the 1977 to 2007 (Pre GFC) period was 7.1% in 1983.
In Jan 2009 (during the start of the FHOB) we hit 7.0% - the worst on record. This followed a little recovery and then growth started to plunge again in Feb 2011.
So in trend terms, almost every month since Feb 2011 we have seen the worst mortgage credit growth since records exist. And it keeps getting worse (Anyone supprised?)
The only thing diferent today is the main stream media is starting to pick the story up. Today, annual growth is 4.5%.
