Archive for August 25th, 2008
US House Sales Improved in July
Sales figures for July of pre-owned houses showed a 3.1% increase in July 2008. This is attributed to a 7% drop in median house prices to $212,000 (UK £114,439), as a consequence of the US sub-prime crisis.
In the same period, over 272,000 people in the US received notice of foreclosure, a rise of 55% on July 2007 according to analysts Realtytrac. The US Government has introduced new measures to try and help home owners from losing their property.
Popularity: 78% [?]
Posted: August 25th, 2008 under sub-prime, usa.
Tags: foreclosure, homowners, sub-prime
Comments: none
Bank of England Deputy Governor warns about Financial Slowdown
Charles Bean, the Bank of England’s deputy governor warned that the downturn was as bad as in the 1970s and that everytime things looked up as if they were going to improve, a setback occurred. At Christmas 2007 he said that he had thought that things were past the worst but since then things had deteriorated.
He predicts that if the oil prices stabilised, along with credit markets then growth should pick up and inflation start to fall. And he suggested that the current UK standstill in growth was only temporary.
Popularity: 74% [?]
Posted: August 25th, 2008 under commentary, forecast, uk.
Tags: bank of england, commentary, downturn, forecast, growth, uk
Comments: none