Tuesday, June 29, 2010
Bubble deflating very gradually
"MORTGAGE approvals fell unexpectedly in May, new figures from the Bank of England show. Last month 49,815 loans were approved â€“ marginally down from April and well below the 51,000 forecast by economists. However, mortgage lending picked up more strongly than expected, rising to Â£1.184bn from Â£0.979bn in April â€“ a figure that was sharply upwardly revised from an initial estimate of Â£0.490bn."