Wednesday, June 1, 2011

Pesky Royal Wedding

Mortgage approvals hit new low, Bank of England reports

"The raft of bank holidays and the royal wedding inevitably skewed the April data, so an overall drop in the number of loan approvals and remortgages comes as no surprise," Presumably these mortgage approvals that were delayed by all the bank holidays will now show up in the May figures so remember this in a month.

Posted by ontheotherhand @ 11:39 AM (1278 views)
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4 thoughts on “Pesky Royal Wedding

  • The holidays did not stop people from applying for loans and credit cards.

    Unsecured borrowing seems to be going into a boom recently. I wonder if this has anything to do with the job losses and cutbacks starting to kick in.

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  • I was thinking of applying for a mortgage, but as I was distracted by the raft of bank holidays and the royal wedding I forgot to do so.

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  • These lame excuses for bad numbers are wearing thin. We have unexpected weather every year, we also have odd holidays every year (Easter is always moving) – but it’s only now they are supposedly affecting so much.
    This is classi depression mentality – all bad figures are due to ‘incidents’ and not a long term cycle – I mean it’s only 3 years in, wait until we’re hearing the same crap in another 3 years.

    What’s hillarious about this is that mortgage approvals are a third of their boom levels – and about HALF of the last recession levels – if that doesn’t set a firestation’s worth of alarm bells ringing then I don’t know what will – but asking prices are only about 10% off their boom levels – showing the disconnect between seller and ‘reality’.
    The whole thing is totally unsustainable – and yet the BoE is continuing to march through it – ignoring the problem until it becomes a ‘surprise’ at a later date!

    It makes me sick – who put these clowns in charge? – oh that’s right, the politicians elected on lies from the biased MSM. Well I hope the angry people remember this when they seek revenge for their plight.

    Take down the Government, take down the media – they have both failed to point out the frailties of Capitalism because they were too busy filling their boots.

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  • I find it quite remarkable that the teams of statisticians that organisations employ can come up with complex formulae to allow for seasonal variations and mix adjustments, but as soon as it rains or we have Friday off then these are considered perfectly justifiable reasons for the data not being what home-ownerists want it to be. The unsecured debt data is a bit of a worry – wonder how many people are putting mortgage payments on their plastic.

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