Tuesday, Nov 24, 2009

But the value has fallen 20% on last year

Times: Mortgage approvals soar by 98% in October

Times' ramping article. But what is the impact of a 98% rise in quantity and a 20% fall in value - a lot of very much reduced mortgage approvals. This must mean less money swilling around per "sale"...
Have I missed something?

Posted by growler @ 11:57 AM (1309 views)
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1. brickormortis said...

"Mortgage approvals soar by 98% in October"

Slightly misleading wouldn't you say. The title suggests the increase all happened during October! THe sheeple will surely graze.

Tuesday, November 24, 2009 12:41PM Report Comment

2. cynicalsoothsayer said...

Number of loans up by 97.7 per cent, total value down 20 per cent, average value up 11 per cent compared to a year earlier.

Does this mean the numbers have been skewed by more very big mortgages, more low value ones, whilst the middle market has collapsed?

Tuesday, November 24, 2009 12:56PM Report Comment

3. smugdog said...

All the rain that you are having is saturating your brains. HPCers always look beyond the headlines in the search for ‘that’ smoking gun. What do you expect I suppose with so few pickings of late. Wring your mop heads out in the mangle and move on.

Tuesday, November 24, 2009 12:58PM Report Comment

4. Nicowens72 said...

Yes, they 'soared' 0.4% above last month's, although the Times has seen fitting to omit the decimal point in case that didn't seem significant enough....

Tuesday, November 24, 2009 01:00PM Report Comment

5. happy mondays said...

Smugdog is right, it's over ! And as a nation we should hold are heads in shame that we let it spiral out of control.. Future generations out priced of a family home, Frustrated young families not able live in there own safe environment, more stress as people try to earn the money to pay for there ever increasing mortgage repayments, wage deflation against high cost of living.. This can only make a peaceful & harmonious society.. Well done government, well done bankers, well done all the people that jumped on the good ship Venus, we will have a bright & rosey future to look forward to..

The world is a dangerous place to live, not because of the people who are evil,
but because of the people who don't do anything about it.”
Albert Einstein

Tuesday, November 24, 2009 01:36PM Report Comment

6. matt_the_hat said...

I though Oct would be the date alot of people start coming off their 'deals' - most will end up on the 'cheap' SVR of their lenders - fools

Tuesday, November 24, 2009 03:34PM Report Comment

7. cynicalsoothsayer said...

It's not over when interest rates are at "historic" lows, and our leaders are printing money galore.

Tuesday, November 24, 2009 03:43PM Report Comment

8. shining wit said...

Smugdog......What do you think is going to happen when 10-20% cuts in public spending kick in ?

I personally think that this is going to cause 1 million unemployed. There is nothing left in the kitty to buy up more "bad debt".

Like a fat man trying to stuff one last "wafer thin mint" in his mouth, the debt ridden and obese economy in good old blighty is either going to have a near fatal cardiac or will possibly explode and throw nasty pieces of fiscal offal all over the place.

Just because a half blind, unelected and puritanical charlatan uses several hundred billion pounds of this country's future wealth to "eradicate boom and bust" to buy all our lovely home-owners bad debt, doesn't mean we are out of the woods yet.

The fat lady has simply been kidnapped and is currently gagged and bound in the basement of a building in Threadneadle Street.

Why don't you try getting a life SmugDog and if you can't find one of them, how about a coherent argument, after all you should have the time, or does staring out of the window know take all your estate agency time?

Tuesday, November 24, 2009 05:28PM Report Comment

9. smugdog said...

Looking out over the Cilento coast takes up much of my time old Shining, thanks to the good work of the likes of you dear boys. We are where we are and we just can't keep on moaning about it. React accordingly and keep an eye on sites like this, they are ever so informative. Estate Agent I'm most certainly not, but a life, I most certainly have.

Tuesday, November 24, 2009 06:28PM Report Comment

10. growler said...

Come on Smug...

Lower average value of mortgages year on year tells you something. 20% less this October than last October (which was hardly boom time) must also tell you something.

I'm not a doomster of the "Day After Tomorrow" school, but it's reasonably safe to assume that the next bit of the curve falls away. Add to this all the other great news post election day that we've yet to learn, and it's pretty sure which way we'll be going.

Tuesday, November 24, 2009 07:40PM Report Comment

11. smugdog said...

Now that's a fair assessment I can take to Growler (good post). Stupid street do truly believe that they can be saved from the chair and be showered with trinkets indefinitely. Well, someone has to pay, and will pay sometime soon. These pretty and surreal times will have to end. Just be ready when Gordon stops tucking you up in bed and kissing you good night, myself included!

Tuesday, November 24, 2009 08:12PM Report Comment

12. growler said...

indeed... I've always thought "fleet" is awfully close to fleeting.

The challenge is to see the haven when all the tucking up turns to tucked up.

Tuesday, November 24, 2009 08:47PM Report Comment

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