Tuesday, Oct 21, 2008
Even the CML think House Prices will continue to decline..
FT.com: Fear that mortgage lending will be negative by January
More money is set to be taken out of the housing market than is being put back in for the first time in more than 20 years, economists warned yesterday.
Net mortgage lending - the value of new loans extended minus repayments of principal - could turn negative by the end of the year, economists said following data on mortgage outlays from the Council of Mortgage Lenders. That has not happened since the CML began collecting data in 1987.
If mortgage lending turned negative, it would imply that demand for house purchases was falling and that home prices were likely to go on falling.
Posted by britonia @ 06:02 AM (504 views) Add Comment
2 Comments
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1. sosoon said...
I have been monitoring complete global nuclear destruction for the last 20 years and can confirm if it happens before the end of the year it will be the first time in 20 years.
Quite Hilarious. Just goes to show the FT will use any quote.
2. yorkshireman said...
Now they fear that we will start to pay the loans back, just as they feared we would not. Paradox ?