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Mortgage Approvals Drop 70%!

News that mortgage approvals in July fell over 70% compared to the same period last year have shocked even the more downbeat of analysts in the City. While a fall was expected the magnitude has taken many by surprise and prompted fears of a credit crunch part 2. So can things get any worse?

The fall in mortgages, from 114,000 last July to just 33,000 this July, is a reflection of the dark clouds which will just not lift from the mortgage market. We hear news of moves by the authorities, new interest from buyers but nothing seems able to lift the doom and gloom. House prices are falling at their fastest rate for over twenty years, inflation is set to rocket over 5% in the coming months and unemployment is on the rise. Is this the bottom?

One thing to remember about a financial crisis is the fact that history shows when all are predicting doom and gloom there is a chance that the bottom is not too far away. Panic selling often comes before the upturn and while we have not seen too much panic buying in the press, the estate agents are suggesting that more and more sellers are knocking tens of thousands of pounds from sale prices just to conclude a deal. Remember, after the dark comes the morning.......

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