Tuesday, March 11, 2008

It’s not the crunch, it’s the recession stupid!

Mortgage lending is contracting

''...The mortgage market is shrinking under the impact of the continuing problems in the banking system, say lenders. Figures from the Council of Mortgage Lenders (CML) show that new loans for home buyers fell to 50,300 in January, the lowest level for nine years...''

Posted by hpwatcher @ 11:37 AM (524 views)
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3 thoughts on “It’s not the crunch, it’s the recession stupid!

  • Now under a new headline – Home loans tumble to record low

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  • Seriously, blaming the credit crunch for the problems in the housing market is completely ignorant.
    I’m really getting sick of listening to any Tom, Dick or Harry who thinks they are a financial expert saying, “oh, the problems started with the credit crunch..”. I’m sorry but the problem with the housing market is that prices were allowed to inflate to rediculous levels and as with most
    bubbles, they eventually burst. The credit crunch has helped the popping of the bubble but it would have popped anyway.

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  • @denzil
    I think people like doing that i.e. putting it all down to the crunch, because it is the lesser of 2 evils and also they can cling to the belief that ”everything will return to normal soon”………………………..clearly they aren’t going to.

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