Because of the Americans crisis of the credits at risk, there is a possible hardening of credit terms by banks.

There is no crisis of the credit for the private individuals in France but the distribution of mortgage loans decreases for several reasons:

• First of all, the price of the money went back up for one year, what pulled an increase of the returns on the savings.
• Then, the prices of the real-estate increased a lot, what makes more difficult the purchase of an accommodation because we cannot infinitely increase the length of the loan.

The distribution of credits did not seem to have slowed down in the Euro-zone because of the financial crisis but tensions on the conditions of granting of loans are recognized.

From his part, the look-out of the financing of the residential markets, notices that in the fourth quarter 2007, number of the granted mortgage loans didn’t fall.