Thursday, Nov 20, 2008
Oh so all those who were "long and wrong" are now saved???
BBC: October mortgage lending picks up
Mortgage lending rose slightly in October, according to the Council of Mortgage Lenders (CML).
Total lending rose to £18.7bn, 7% up from the previous month.
Posted by crash n burn @ 12:39 PM (673 views) Add Comment
7 Comments
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1. rm96696 said...
What does this man mean when he says "I hate to say it but it could be some time before things start to improve"? Are house price bubbles improvements? Why are skyrocketing house prices based on nothing more than demented lending practices a good thing? Has anyone learned anthing from the house bubble collapse? Can someone give me an answer?
2. shipbuilder said...
This is 7% of an low number. In my view, what has happened now is that we are getting over the initial huge drop in prices and the downward curve will flatten out gradually over the next few years until we reach the bottom, as seen in all previous crashes. It is inevitable that mortgage lending will pick up gradually because people need to move, lower interest rates, buyers with deposits saved tempted by dropping prices. A gradual pick up cannot support the market, just ease the fall.
3. What Price Drops? said...
I agree with m96696.It seems that rip off house prices are percieved to be a good thing that will one day return to us all a favour.
I love to get mydelf in as much debt as possible,I cant wait.
4. paul said...
This 7% increase is like a ping-pong ball bouncing along a dirt floor. The playing table is well out of sight and out of reach.
The BBC could have tried to make a lot more of this, but I suppose the responses from the lending organizations are too muted to trumpet about - even for the BBC.
5. mark said...
i see Astra Zeneca are laying off 250 people in Macclesfield, so prices will drop their as this will panic a small area like macc.............As I would expect more layoffs soon.......
6. fjcruiser said...
House prices will drop seriously from next year onwards when unemployment right accross all sectors of the economy. You ain't see nothing yet.
7. tyrellcorporation said...
What was the lending for though? People still trying to wring some equity from their houses before the waves come over the roof.