Tuesday, June 24, 2008
“House prices have already started to fall at monthly rates not seen since the slump of the early 1990’s”
LONDON (Reuters) - Mortgage approvals fell at their sharpest annual pace in at least a decade to hit a record low in May, a survey showed on Tuesday, raising fears the housing market slowdown could turn into a crash. The British Bankers' Association said mortgage approvals for house purchase -- an indicator of house prices in the future -- fell to 27,968 last month from a downwardly revised 34,752 in April. That translated into a 56.1 percent drop on the same period a year ago -- the biggest such fall since the survey began in September 1997.