Mortgage and Financial News From 2008-6-30 Page 11

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• Stock, Bond Slumps Signal Worse Than '94 as Inflation Says '74 (Bloomberg.com)

  June 30 (Bloomberg) -- It's been 14 years since investors suffered as big a retreat in stocks and bonds and some of the largest money managers say the losses may have more in common with the 1974 bear market before the worst is over.
  2008-06-30 12:19:45

• Mortgage approvals at lowest level since records began (Guardian Unlimited)

  Value of loans approved for purchases has almost halved from £10.4bn to £5.8bn, Bank of England figures show
  2008-06-30 02:39:22

• House sales WILL drop by as much as 50%, analysts say (Daily Mail)

  House sales are likely to drop to their lowest level since the 1970s as a result of the mortgage drought and property slump.
  2008-06-30 02:46:32

• Taylor to Raise Funds in Share Sale After Cutting Land Values (Bloomberg.com)

  June 30 (Bloomberg) -- Taylor Wimpey Plc , reeling from the worst U.K. housing slump in 30 years, will write down 660 million pounds ($1.3 billion) of real estate and plans to raise cash from investors after falling home sales depleted capital.
  2008-06-30 02:51:52

• Economic confidence 'in freefall' (ITV.com)

  Families are more fearful of their cash flow situation than at any time during the last recession, a poll has revealed.
  2008-06-30 02:58:43

• U.K. May Mortgage Approvals Slump to Lowest Since at Least 1999 - Bloomberg

  June 30 (Bloomberg) -- U.K. mortgage approvals fell to the lowest in at least nine years in May, a sign that the housing slump is deepening. Banks granted 42,000 loans for house purchase, compared with 58,000 in April, the Bank of England said in ...
  2008-06-30 01:40:00

• UK May mortgage approvals dive to record low - Guardian Unlimited

  House prices have already been falling at monthly rates not seen since the housing market crash of the early 1990s and the very weak approvals numbers suggest the downturn is only just beginning, especially as interest rate cuts are not likely.
  2008-06-30 01:33:00

• Mortgage rates creeping upward - USA Today

  As if the real estate slump weren't severe enough — with prices sinking and foreclosures dumping ever more homes on the market — another threat has emerged: rising mortgage rates. Low rates helped fuel the housing boom, and rates had remained ...
  2008-06-29 05:34:00

• Nigeria: Cost Income Ratio of Nigerian Banks Too High-Yomi Adeola (AllAfrica.com)

  Recently, Yomi Adeola , Managing Director Sterling Bank PLC had an interactive session with journalists in his office in Lagos and spoke on a wide range of issues in the banking industry in Nigeria.
  2008-06-30 12:27:13

• UK house prices fall for ninth straight month (Daily Telegraph)

  Home owners are taking a record length of time to sell their houses, according to the latest gloomy house price survey.
  2008-06-30 12:36:39

• Subprime mess should have been no surprise (The News Journal)

  The subprime crisis "was a wreck that could have been predicted," Wharton finance professor Jeremy Siegel says in this interview by Knowledge@Wharton
  2008-06-30 12:55:15

• Stubborn mortgage rates defy conventional wisdom (Lansing State Journal)

  The Federal Reserve has aggressively cut interest rates, and houses are sitting around unsold. The stage appears to be set for mortgage rates to fall as lenders compete for the well-qualified homebuyer.
  2008-06-30 01:02:39

• HK shares steady as HSBC falls, resources gain (The Economic Times)

  Hong Kong shares shuffled sideways on Monday as resource counters climbed on sky-high commodity prices but index heavyweights HSBC Holdings and top Asian oil refiner Sinopec Corp slid amid waning global investor sentiment.
  2008-06-30 01:11:19

• Beware of payday and other dangerous loans (The Petersburg Progress-Index)

  Payday lenders have proliferated in Petersburg and the Tri-Cities region. They were made legal under Virginia law not long ago. They are therefore legal, but not right. They are very dangerous to your financial health and well-being.
  2008-06-30 01:14:22

• Homes hit by ninth month of price falls (icWales)

  HOUSE prices fell for the ninth month in a row during June and cost 3.2% less than they did a year earlier, figures showed today.
  2008-06-30 01:23:10

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