According to the latest Credit Conditions Survey by the Bank of England, defaults on mortgage loans dropped unexpectedly during the April to June period. Although the rate had been dropping since last year, experts had been expecting it to hold steady during the second quarter of 2010; it is uncertain why the rate dropped. However, analysts expect the rate to remain unchanged during the third quarter of this year. Considering that previous predictions have already been proven wrong, though, it’s clear that things could go either way. If the number of defaults continues to drops, of course, it could signal a slow recovery for the economy. These days, everyone is looking for good news concerning the economy and many will see this as one example. (more…)
Posts Tagged ‘house prices’
Mortgage Default Rate Drops Unexpectedly
Friday, July 16th, 2010New Home Sales in US Hit All-Time Low
Friday, July 16th, 2010For many months now, home buyers in the U.S. have enjoyed the benefits of considerable tax credits for buying new homes. Although the housing market in the States has been lackluster at best – and positively dismal at worse – these tax credits have helped buoy those numbers and have helped boost new home sales. Unfortunately, though, those tax credits recently expired; a last-minute run by many home buyers to take advantage of those tax credits boosted sales in April, but that trend appears to have fallen quite flat now that they are no longer available. The entire world has been keeping an eye on home sales in the U.S., hoping for signs of improvement; the latest numbers reveal that improvement is far from underway. (more…)
