Tuesday, August 26, 2008

Mortgage approvals down (again)

What a difference a year makes. July 2007 was the last month before the credit crunch. Back then, banks were approving around 65 thousand loans a month. This July, banks approved just over 20,000.

No credit=no housing bubble.


  1. It all fits:

    Interbank lending down by about two thirds; mortgages down by about two thirds...

    House prices more than tripled 1996-2007; now they have to go down by about two thirds too...

    B. in C.

  2. Now, now B in C. Don't let's talk ourselves into a recession.