Tuesday, June 17, 2008

What a difference a few months makes!

Families in a fix as the crunch gets worse

The credit crunch tightened its grip on families last night as two big mortgage lenders raised their rates or withdrew deals, the price of oil hit another record and figures showed that new housebuilding projects are about to fall to their lowest level since the Second World War. There are growing fears about funding shortages. High street banks, which have been battered by the credit crunch, are asking shareholders for extra cash to plug the gaps caused by losses they suffered as a result of the American sub-prime crisis.

Posted by flintster1994 @ 07:12 AM (796 views)
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3 thoughts on “What a difference a few months makes!

  • ‘A spokesman for the Department for Communities and Local Government said that building companies needed to ignore the market conditions and concentrate on the future. “It is essential for housebuilders to base their decisions on longer term trends.”’

    Yep, just like our government which prepared itself for a rainy day when the booming economy would turn for the worse.

    The Department for Communities and Local Government appears to work in an irony free zone.

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  • it_is_going_with_a_bang says:

    “A spokesman for the Department for Communities and Local Government said that building companies needed to ignore the market conditions”

    Oh I’m sure the shareholders will appreciate that little gem. Ignore market conditions? So how does that work then? build houses don’t sell them and go out of business?
    I think possibly a better strategy than that is needed!

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  • Shares in building companies have fallen by about 90% over the last few months. Is this a long-term trend or a short-term trend that can safely be ignored?

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