The number of housing finance commitments has edged up steadily since the start of the year, but the value of these commitments has been declining in recent months.The latest Australian Bureau of Statistics housing finance figures, released yesterday, show that 51,981 owner-occupied home loans were written in October (in seasonally adjusted terms) - up 0.7 per cent from the previous month and up eight per cent since January. However, the value of these loans fell 1.2 per cent, from $14.5 billion in September to $14.4 per cent in October. The value of owner-occupied home loans written in October was at its lowest level for four months.The trend reflects the decline in the value of residential property in a number of capital city markets this year and the caution consumers are showing in taking on debt.One encouraging sign is that the proportion of first-home buyers continues to increase. In October, first-home buyers made up 17.9 per cent of owner-occupied home loan borrowers, compared with 16.4 per cent in September, 15.4 per cent in August and 14.9 per cent back in February.