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It is different this time

Sharp Fall In Home Sales As Market Slumps

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Big chill looms for the economy as new mortgages fall sharply


Last updated at 00:12am on 2nd October 2007

• Sharp fall in home sales as market slumps

• Analysts fear a slowdown plus job cuts

• Tesco sales growth lowest for seven years

The number of new mortgages taken out fell sharply in August as analysts warned that Britain is threatened by a black tide of economic bad news.

Just 109,000 home purchase loans were agreed in the month, down by more than 9 per cent on August last year.

Economists predict that much worse is in the pipeline, with the Northern Rock debacle having knocked the stuffing out of consumer confidence.

City analysts fear a housing market slump, a business slowdown wiping billions out of manufacturing and financial services, and significant job losses.

Gordon Brown admitted yesterday that the recent turmoil in global markets had sounded a 'wake-up call' for the financial system in Britain and the world.

So what he is saying is his miracle economy that is built on excessive & unsustainable debt has never bothered him but recent turmoil in global markets has done the trick!

Good morning Mr No boom No bust, no wonder you needed a ‘wake-up call’

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This, people, is the moment we have all been waiting for.

When the Daily Mail mentions the word homes and slump in the same story, the sheeple will begin to listen.

(That's after they've read the feature headlined: Nigella: Is her bust fake?) ;)

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