Mortgage lenders have pulled the plug on the housing bubble. Last March, lenders pumped over ₤32 billion of credit into the market. This March, lending fell to ₤26 billion; a decline of just over 17 percent. No credit; no appreciation; that is the iron law of asset bubbles.
crrrrrruuuunnnnnnccchhhhh
ReplyDelete32bn to 26bn is obviously a decent drop, but given that (I assume) the 32bn was near the peak of the bubble, I would have actually thought the drop would have been bigger.
ReplyDeletehow about giving us a chart of every March over the last decade, that would give us a better idea of the trend here?
Heh, 17% not counting the inflation adjusted value of money - the drop is bigger than it looks!
ReplyDelete