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France 1st-Half Mortgage Lending Slumps 33%, Les Echos Reports

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July 24 (Bloomberg) -- French mortgage lending declined 33 percent in the first half compared to the same period in 2011, Les Echos reported, citing a study by l’Observatoire Crédit Logement/CSA.

The decline can be attributed to a collapse in demand, a lack of government aid, and a reduction in lending as a result of refinancing difficulties at banks, the newspaper said.

Mortgage lending by banks in France this year will fall 25 percent to 30 percent to 110 billion euros ($133 billion) to 120 billion euros from 160 billion euros in 2011, the newspaper said.

To contact the reporter on this story: James Kraus in London at jkraus2@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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