Tuesday, July 31, 2007

And the beat goes on..

Rising cost of borrowing fails to stem demand for mortgages

Despite the rising interest rates, approvals for mortgages still appears to be high in June. It will be interesting to see what happens over the coming months, but some people must still be prepared to pay silly money, even if they bankrupt themselves in the process.

Posted by averageguy @ 12:53 PM (67 views)
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One thought on “And the beat goes on..

  • dohousescrashinthewoods says:

    Is there something else at play here or are people genuinely blind and dumb from watching telly?
    I must be missing something (other than a TV) – what is driving these people, seemingly like lemmings?

    Could it be a skewed average or something? Funky VI stats? Surely punters still have a couple of brain cells to rub together. Surely we cannot, as a nation, be completely devoid of intelligence.

    What is the story behind these figures?

    Seems there’s a hint in the last paragraph:

    strength in approvals came from “other specialist lenders” who were neither bankers nor building societies. That might be seen as “worryingly reminiscent” of America’s period of sub-prime mortgage growth amid rising interest rates, he said.

    Race to the bottom by exploitation in order to hit targets and take home that bonus?

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