Mortgage lending down amid warnings of second house price crash - Telegraph

Mortgage lending down amid warnings of second house price crash - Telegraph:By Myra Butterworth, Personal Finance Correspondent
Published: 2:57PM BST 31 Aug 2010

Photo: CLARA MOLDEN

The latest figures from the Bank of England revealed that net lending – which strips out redemptions and repayments – dropped to just £86 million in July, a steep fall from June’s £518 million.

Mortgage lending down amid warnings of second house price crash - Telegraph: "Andrew Goodwin, senior economic adviser to the Ernst & Young ITEM Club, said: “The housing market is heading for a double dip, with net mortgage lending pretty much flat and the number of mortgage approvals remaining very low.
“These figures tend to be well correlated with prices and they point...">>>>>>>>

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The pound declined against the dollar before a report economists say will show U.K. lenders approved fewer mortgages last month, adding to evidence the economic recovery will falter.

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EDITOR NOTE: THESE TWO ARTICLES GO TOGETHER - it is appalling that the economic recovery and housing go hand in hand and yet mortgage fraud is allowed to go on without any meaningful reform (my op)

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2008 seems good: A historical look back

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Today I ran across this article from 2008....

The article from 2008 was predicting the rock bottom low in the market would occur in late 2009 or early 2010. According to the statement that inventory has to be much lower, well things aren't looking good around here. With predictions of another glut of foreclosures coming down the pike - well lets just say I would NOT buy a house in this market.

AT any rate it is interesting to look back and see what was being said in 2008.

If you are facing foreclosure please scroll down and look for information on a seminar that is coming to Phoenix July 10, 2010. Also the yahoo group on the right side column has lots of information and you can ask questions. Do not spam and try to read a few past posts to see if there are any answers for you.

WHAT DO YOU THINK about the housing market today?

Would you buy full price? Would you sell? Any predictions for the future? Is bank owned real estate taking over the world? Who are the landlords?

Become Debt Free: Testimonial

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Today we are taking a sidestep.

My daughter has been going through a program and her friends Tiffany & Josh are featured in this embedded video of the Dave Ramsey show. They tell the story of how they went from thousands of dollars in debt to totally debt free in less than 2 years. Knowing this young couple and the story makes me want to share it with you, my writing friends. Enjoy! They are about 3 interviews in on the show.

Appraisals and home values in today's economy

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I was reading my weekly MarketWatch and had a JOLT. An article on how to negotiate the appraisel value of your home. Now granted the author was speaking in terms of LEGITIMATE fair value when you know an appraisal has been lowballed. But, in this day and age, when we are still seeing huge numbers of foreclosures, it seems as if we learned nothing from the housing bubble burst. IN the past two years, seeing first hand the results of overinflated appraisals, makes one leary of information that instructs people to ignore the lessons learned.

Here is a snippet of the article and read also the comments on the article itself. People are responding in a way they would not have 3 years ago. I personally think the advice is great when used correctly.

Amy Hoak's Home Economics

May 10, 2010, 11:06 a.m. EDT · Recommend (3) · Post:

How to fight back against a low home appraisal

Check for mistakes, contest inaccurate valuations

By Amy Hoak, MarketWatch

CHICAGO (MarketWatch) -- A low appraisal can kill a home sale.

"It's one of the more common reasons that transactions fall apart these days," said Tara-Nicholle Nelson, consumer educator for Trulia.com, a real-estate website, and a real-estate broker and attorney in the San Francisco area.

In a normal market, when an appraisal is lower than expected, it's up to the buyer and seller to cooperate -- whether that means the buyer needs to put more cash into the deal or the seller needs to >>>>>KEEP READING and add your comments