1.
U.S. markets recover from steep losses
LONDON, June 24 (UPI) -- Mortgage approval rates in Britain fell 20 percent in a month and 56 percent from a year ago, sparking worries of a widespread housing crash, sources said.
"We are in for an extended, deep correction in the housing market," economist Howard Archer with Global Insight told the Times of London.
The drop in mortgages in April is pushing house prices down further and lenders are tightening restrictions on loans, the Times reported.
Lenders are demanding 5 percent down for mortgages although the best deals are going to those who can afford a 25 percent down payment, the report said.
The price of homes has declined 7.7 percent since September.
Archer estimates prices could fall by 24 percent by the end of 2009, the report said.
|
|
|
|
|
|
| Additional Business News Stories | |
CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
|
NEW DELHI, May 24 (UPI) --
India's state-run National Aerospace Laboratory will work with Kadet Defense Systems to develop NAL's Hansa trainer aircraft into an unmanned airial vehicle.
|
The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
|
What if Europe turned out to be the new Japan?
|
| Stories | Photos | People | Comments |
View Caption
