New mortgages down 40% since start of year - Nomisma

(ANSA) - ROME, NOV 8 - The number of new mortgages issued in Italy is down 40% since the start of the year due to European Central Bank rate hikes, economic think tank Nomisma said Wednesday.
    "The rise in the cost of money decided by the ECB has translated into a 40% collapse, since the start of the year, of the issuance of mortgages for house purchases," it said.
    It also sounded an "alert" over families with variable rate mortgages not being able to meet payments.
    "Variable rate mortgages erode 60% of household incomes," it said. (ANSA).