Tuesday, July 01, 2008

UK: Mortgage Approvals Collapse

by Bill McBride on 7/01/2008 01:23:00 AM

From the Telegraph: UK house prices in grip of slump that experts expect to deepen

Britain is in the grip of a housing slump as bad as at any stage since the 1970s, property experts warned, as data suggested that first time buyers had all but disappeared from the market.
Just 42,000 loans were handed out in May – down from 58,000 in April and a massive slump of 64pc compared to this time a year ago, when 116,000 mortgages were given to home buyers. This is the lowest level recorded in any month since the Bank of England started collecting data in 1993.
We've sure seen a lot of records recently. Record foreclosures. Record inventory. Record house price declines. Record low mortgage approvals in the UK.

Another day, another record ...