Friday, March 28, 2008
Mortgae approvals continue their death spin
U.K. mortgage approvals fell by a third in February from a year earlier as the higher credit costs have deterred homebuyers, according to a report by the British Bankers' Association... Banks granted 43,870 loans for house purchase, down approx. 33 percent from February 2007, the BBA, which represents the U.K.'s biggest banks, said today in a statement. Approvals for re-mortgaging rose 5.5 percent from a year earlier to 72,193.