Mortgage lending falls to lowest level since 1986

New figures from the Central Bank show that residential mortgage lending fell to 7.6 per cent in October, the lowest figure since 1986.

According to the latest data, the amount of money lent for residential mortgages last month rose by just €26 million. This compares with an average monthly increase of over €700 million in the previous three months. … king31.htm

I just read this on the rte website and was staggered when I saw it, and then realised to my embarassment I’m not totally sure what it means - does the €26m really mean that the total mortgage debt outstanding by the end of October is up by just €26m? Surely this is phenomenal news? Are we into a situation where the amount of mortgage debt is potentially about to start decreasing?