Tuesday, Dec 09, 2008
can anyone explain this twilight zone article?
yahoo: Big Rise In Number Buying Homes
The number of mortgages taken out by people buying a new home jumped by 14% in October, new figures show.
A total of 39,900 mortgages worth £5.5 billion were advanced for house purchases during the month.
Posted by mark @ 11:10 AM (1057 views) Add Comment
11 Comments
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1. harold said...
But how does 39,900 compare with 12 or 24 months ago?
2. 51ck-6-51x said...
"But the number of loans was still 52% lower than in October last year, while their value slumped by 57% compared with 12 months ago."
I downloaded the raw data and 52% is correct, however someone does not know how to round since their value is 58% less (57.6%)
From 24 months the numbers are 60% lower (99,300) and 62% (£14.334bn) respectively.
3. little professor said...
Another take on the same figures:
Mortgage lending falls nearly 60% in October
4. mark said...
have a look at this link
uk.reuters.com/article/businessNews/idUKTRE4B803S20081209
it states:
House price fall slows as sales at record low
*** If sales are record low then sales must be rising...yeh!!!
5. peter_2008 said...
With rate being forced down by GB, of course there will be an increase in unsuspecting optimists trying to catch a falling knife. But 6 - 12 months down the line, the banks will raise the rate secretly and kill you softly and bury you in statistics, so no body will notice.
6. 51ck-6-51x said...
mark, that headline does not imply causation - maybe they should have used the word 'whilst' rather than 'as', but at least they didn't use 'since'
7. mountain goat said...
come again?
8. str 2007 said...
Nice graph MG
9. mountain goat said...
Found it here http://ftalphaville.ft.com/blog/2008/12/09/50222/return-of-the-crock/
10. phdinbubbles said...
Crikey - scary graph.
11. 51ck-6-51x said...
MG's posted graph's titles "UK Mortgages past 3 months compared with prior 12" and "Source: Bank of England" are slightly misleading in that the data is only that of UBS's book.
Personally I'd have made the y-axis logarithmic since there is little resolution in the current number (near zero), but hey it paints the picture all right!