Mortgage Approvals Hit New Low in UK
A few years ago consumers were trying to figure out how to add every conceivable amenity from 3 and 4 car garages to home theater seating to their homes and then flip them making a profit and moving on to something even better. These days they are doing good just to get financing at all not only in the US but also in the UK.
The Bank of England reported that the number of new mortgages being approved for people buying a home was just 58,000, the worst monthly figure since the Bank began collating the data 15 years ago, and only about half the recent peak of 115,000 witnessed in May last year.
Observers had expected a small rebound after the severe crisis the credit markets experienced in March, when Bear Stearns had to be rescued by the US Federal Reserve.
Mortgage approvals fell to new low in April – Mortgages, Money – The Independent
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