Thursday, Jun 18, 2009
But what about the green shoots?
BBC: Mortgage lending falls back again
"Mortgage lending fell back in May, according to the latest figures from the Council of Mortgage Lenders (CML).
Gross lending totalled £10.3bn, which was 2% lower than in April and 58% lower than in May 2008"
OK, so mortgage lending is low, unemployment is rising rapidly, retail sales for May are down and there's a new record for public borrowing. Clearly a good time to buy a house before prices take off again.
Posted by phdinbubbles @ 10:21 AM (809 views) Add Comment
4 Comments
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1. need-a-crash said...
58% lower than May 2008 just want to highlight how bad that is. So compared to a year ago when the housing market was at least 6 months into a crash (ie not that many people were buying) still saw over double the activity that we have now! The housing market really is dead.
2. Jayk said...
Report: "Mortgage lending rose last month"
HPC response: "Rubbish ... figures are made up, don't mean anything ... not a true reflection of market ... biased ... vested interests ... BBC "journalists" ramping again ... etc"
Report: "Mortgage lending dropped last month"
HPC response: "See! ... so much for green shoots ... more conculsive proof that recovery is nowhere near ... figures are a true representation of a failing market ... etc"
3. mander said...
More QE needed?
4. 51ck-6-51x said...
Yes mander... If the giber-mint give everyone a house purchase voucher worth, say, £200K house price inflation can be maintained for a while.