There is a stagnation in borrowing in the housing construction sector because of very low demand which, despite easier access to homes, is due to income cuts and higher uncertainty on the labour market, the central bank's analysts say in the latest "Financial Stability" bulletin.
The lack of housing loan growth is also due to interest rates, which have gone up again, and a relatively slow reduction in home prices.
In the last quarter of 2011, home prices dropped 2.1 per cent on the year and 13.2 per cent from the pre-crisis period.
If one excludes the prices of homes along the coast, which are usually more resistant to price corrections, the drop is 4.2 per cent on the year and 15.7 per cent from the pre-crisis period.