Realistbear Posted August 25, 2006 Share Posted August 25, 2006 (edited) http://today.reuters.co.uk/news/articleinv...BRITAIN-BBA.XML UK July mortgage approvals slip in summer lull--BBA Fri Aug 25, 2006 9:31 AM BST145 LONDON, Aug 25 (Reuters) - The number of mortgage approvals for home purchases in Britain fell sharply in July as the market slowed over summer holidays, but approvals were still up on the year, data showed on Friday. Approvals -- the number of loans agreed but not yet completed -- totalled 68,612 in July, down 20 percent from June but five percent higher than last year and seemed to be in line with their long-run average, the BBA said....../ New borrowing on credit cards, meanwhile, fell to 7.083 billion pounds in July -- the lowest figure for that month in four years. Given that 2005 was very slow the 5% YoY increase is less upbeat fro EAs than might otherwise have been the case. The talk of a summer "lull" is odd as last month it was a summer frenzy with record applications? The huge drop in spending seems to reflect the grwoing awareness that the Miracle Economy of spend and borrow is shutting down. Recession looks a certainty. Its going to be a sudden event if the credit card spending is an accurate barometer. Edited August 25, 2006 by Realistbear Quote Link to comment Share on other sites More sharing options...
jp1 Posted August 25, 2006 Share Posted August 25, 2006 (edited) What's the betting that the BBC will describe it as a "surprise 'dip' " , focus on the 5% Y-o-Y figure, and get Howard Archer "economist" to comment that this will stay the MPCs had vis-a-vis rates? Or in EA terminology, the mortgage market it "pausing to catch its breath" Edited August 25, 2006 by jp1 Quote Link to comment Share on other sites More sharing options...
jp1 Posted August 25, 2006 Share Posted August 25, 2006 (edited) Silence from the BBC - usually [ie when the figure are +ve] the BBC instantly puts these figures in Latest ticker on homepage, witha 'more soon" till they cut-and-paste the press release Its an now hour since the figure were out.....Perhaps the jounrnalist is checking the facts. Must be a typo in that press release? Shouldn't it read "rose sharply"??? Edited August 25, 2006 by jp1 Quote Link to comment Share on other sites More sharing options...
Guest wrongmove Posted August 25, 2006 Share Posted August 25, 2006 Silence from the BBC - usually [ie when the figure are +ve] the BBC instantly puts these figures in Latest ticker on homepage, witha 'more soon" till they cut-and-paste the press release Its an now hour since the figure were out.....Perhaps the jounrnalist is checking the facts. Must be a typo in that press release? Shouldn't it read "rose sharply"??? Well basically, July approvals are down on June, as they nearly always are, but they are UP on last year. How is this bearish news ??!! Quote Link to comment Share on other sites More sharing options...
Realistbear Posted August 25, 2006 Author Share Posted August 25, 2006 (edited) What's the betting that the BBC will describe it as a "surprise 'dip' " , focus on the 5% Y-o-Y figure, and get Howard Archer "economist" to comment that this will stay the MPCs had vis-a-vis rates? Or in EA terminology, the mortgage market it "pausing to catch its breath" Most of the news feeds on this are referring to the 20% drop as just that, a "drop." If it were a 20% increase we would no dount see such terminology as "soars," "rockets," "surges," "record," "up up and away." Shows you that the psyche is now so firmly entrenched that house prices only go up that when it does all crash it will come as some kind of surprise to the majority. "What happened?" "I thought Gordon said...." E.g.: http://www.tiscali.co.uk/news/newswire.php...y_template.html Mortgage approvalss slip in summer lull "Slip." IMO, 20% is more like a crash or at least a slide, but a slip? Whooopsee, just a little slip there. Or how about: http://www.iii.co.uk/news/?type=afxnews&am...;action=article Mortgage rates dip for 5th straight week "dip?" 20% is more like a plunge IMO. Well basically, July approvals are down on June, as they nearly always are, but they are UP on last year. How is this bearish news ??!! 20% is a big number and the VIs have been saying how the market has been picking UP. Edited August 25, 2006 by Realistbear Quote Link to comment Share on other sites More sharing options...
jp1 Posted August 25, 2006 Share Posted August 25, 2006 (edited) Reuters is now a "slip" Lets just pray it's only "softened" Remeber that these are July's numbers, before the August rate hike, when property was flying off the shelves, in response to all the "pent up demand" due to June's World Cup Will be interesting to see the next figures that will partially include post hike approvals Edited August 25, 2006 by jp1 Quote Link to comment Share on other sites More sharing options...
benjamin Posted August 25, 2006 Share Posted August 25, 2006 http://today.reuters.co.uk/news/articleinv...BRITAIN-BBA.XML UK July mortgage approvals slip in summer lull--BBA Fri Aug 25, 2006 9:31 AM BST145 LONDON, Aug 25 (Reuters) - The number of mortgage approvals for home purchases in Britain fell sharply in July as the market slowed over summer holidays, but approvals were still up on the year, data showed on Friday. Approvals -- the number of loans agreed but not yet completed -- totalled 68,612 in July, down 20 percent from June but five percent higher than last year and seemed to be in line with their long-run average, the BBA said....../ New borrowing on credit cards, meanwhile, fell to 7.083 billion pounds in July -- the lowest figure for that month in four years. Given that 2005 was very slow the 5% YoY increase is less upbeat fro EAs than might otherwise have been the case. The talk of a summer "lull" is odd as last month it was a summer frenzy with record applications? The huge drop in spending seems to reflect the grwoing awareness that the Miracle Economy of spend and borrow is shutting down. Recession looks a certainty. Its going to be a sudden event if the credit card spending is an accurate barometer. http://news.bbc.co.uk/1/hi/business/5284720.stm Quote Link to comment Share on other sites More sharing options...
jp1 Posted August 25, 2006 Share Posted August 25, 2006 http://news.bbc.co.uk/1/hi/business/5284720.stm Great - all the more ammunition for a September rate rise - 0.5%? BBC still seem to have forgotten to report something.... Quote Link to comment Share on other sites More sharing options...
M&M Posted August 25, 2006 Share Posted August 25, 2006 When can we expect the sheeple to see through the curtains and wake up? I would say 6 months, bearing in mind the giving nature of chrimbo muppets. My chrimbo list is basic for the 2nd year in a row. I ain't gonna use a cc to benefit inflation Quote Link to comment Share on other sites More sharing options...
tenroom Posted August 25, 2006 Share Posted August 25, 2006 Well basically, July approvals are down on June, as they nearly always are, but they are UP on last year. How is this bearish news ??!! They'll be quoting premonitions from the tea leaves next Desparation to be proved right is not good . . . Quote Link to comment Share on other sites More sharing options...
jp1 Posted August 25, 2006 Share Posted August 25, 2006 BBC still ominously silent on the BBA Mortgage figures Quote Link to comment Share on other sites More sharing options...
tenroom Posted August 25, 2006 Share Posted August 25, 2006 BBC still ominously silent on the BBA Mortgage figures Maybe their resident report gimp has better things to do today than tout yet another utterance from some "repsected" commentator as proof of an impending HPC Quote Link to comment Share on other sites More sharing options...
Realistbear Posted August 25, 2006 Author Share Posted August 25, 2006 (edited) Great - all the more ammunition for a September rate rise - 0.5%? BBC still seem to have forgotten to report something.... Edited August 25, 2006 by Realistbear Quote Link to comment Share on other sites More sharing options...
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