Mortgage loans see Funding for Lending boost November 20, 2012 MORTGAGE lending climbed to an 11-month high in October, according to data out yesterday, as the Funding for Lending Scheme (FLS) entered its third full month of activity. Gross mortgage loans hit £12.9bn in October, data from the Council of Mortgage Lenders (CML) showed, up 13.3 per cent on September, and up 4.2 per cent [...]
Official data shows house prices slid into decline in September November 13, 2012 HOUSE PRICES started to slide going into September, ending a six-month run of unbroken expansion, official data revealed yesterday. The UK’s average house price slipped 0.2 per cent between August and September, the data from the Office for National Statistics showed, as even London’s housing market came under pressure. London house prices dived some 1.2 [...]
Persimmon positive on future growth despite tough market November 13, 2012 HOUSEBUILDER Persimmon yesterday warned that the housing market continues to be challenging with mortgage availability the key constraint, but it was optimistic of future growth. In a third quarter update, the group said weekly sales rates were around four per cent higher on the previous year, down slightly from the five per cent reported in [...]
Surveys reveal housing sector activity boost November 12, 2012 THE UK’S ailing housing sector has begun to show signs of life, according to two widely-regarded reports released yesterday and this morning. Interest in residential properties from potential buyers grew at its fastest rate for nearly three years in October, the Royal Institution of Chartered Surveyors (RICS) revealed this morning. The number of agreed sales [...]
Bill Clinton’s affordable housing ideology caused sub-prime crisis November 11, 2012 MANHATTAN’S US Attorney is wrongly suing Bank of America for mortgage fraud against Fannie Mae and Freddie Mac, the American mortgage giants. The complaint asserts that Bank of America, and its predecessor Countrywide, implemented a loan origination process called “Hustle” – designed to process loans at high speed and without quality check points. Strangely, Fannie [...]
Housing lifted by government scheme boost November 8, 2012 MORTGAGE lending climbed rapidly through the third quarter and into October, two sets of data showed yesterday, as the Funding for Lending scheme finally appeared to be having an impact on lending. This came in tandem with a reversal in the downward house price trend of the past few months, revealed by another set of [...]
House repossessions fall to five-year low November 8, 2012 House repossessions fell to a five-year low in the third quarter, the Council of Mortgage Lenders (CML) said today. A total of 8,200 properties were taken into possession over the three months to September, down from 8,500 in the second quarter and 9,600 the year previously, the trade body said. Over the first nine months [...]
UK house prices fall in October November 6, 2012 UK house prices fell 0.7 per cent in October, Halifax said today. On an annual basis, property values fell 1.7 per cent. In the three months to October, prices were 1.2 per cent lower than in the previous quarter, the fifth successive decline, Halifax said. Martin Ellis, housing economist at the lender, today said: “The [...]
US mortgage applications slump despite more relaxed loan terms October 31, 2012 US CREDIT conditions on bank loans eased in the three months to October, data showed yesterday, but this improvement was not enough to boost demand for mortgages, according to separate statistics. Banks are dropping both standards and terms, the Federal Reserve said, driven by fierce competition from other banks as well as non-bank lenders. US [...]
Tougher income checks if you want a mortgage October 24, 2012 INTEREST ONLY mortgages will not be banned under new proposals published by the regulator today, but banks will have to be more careful to ensure borrowers can pay back the loans. The richest borrowers will not need to go through extensive affordability checks under the new mortgage market review (MMR), while small changes to contracts [...]