Estate agents shed staff as lending falls
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The Council of Mortgage Lenders (CML), whose members provide 98 per cent of all mortgages, said gross lending suffered its first annual fall for four years during September.
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A January decline of 16.6 percent suggests some weakness in the real estate market.
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Mortgage lenders and homebuilders were the big losers in UK stock markets on Friday, dragging the FTSE indices lower, after news of house price falls combined with Northern Rock&#39;s difficulties to send investors running for the exits.
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Sales of new homes plunged last month to their lowest level in more than 12 years, a grim testament to the problems plaguing the housing sector.
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The number of existing homes sold also fell, suggesting that the sharp decline in home sales seen earlier this year has for now leveled off.
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New fallout from the United States housing slump hit mortgage and real estate companies yesterday as the subprime lender NovaStar Financial and the title insurer the First American Corporation announced job cuts, and NovaStarâs auditor expressed doubt that the company would survive.
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Mortgage applications plunged last week, and demand hit its lowest level since the start of the year as interest rates surged, an industry group said on Wednesday.
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Pending sales of previously owned homes plunged 12.2 percent in July and planned lay-offs by companies surged 85 percent in August due to turmoil in the subprime mortgage market, independent reports showed on Wednesday.
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Even borrowers with strong credit are feeling the pinch as home values fall and monthly payments rise.
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The nation shed jobs in January, the government reported yesterday, the first monthly loss since 2003, providing fresh evidence that the housing downturn and credit crisis have spread to the job market.
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Declining mortgage margins sink the tax-preparation specialist's first quarter.
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Growing numbers of people are being squeezed out of the housing market, researchers have concluded.
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One of Britain's biggest property funds shuts its doors to withdrawals after panic selling
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The number of new mortgages granted to home buyers fell to 62,000 in December, mortgage lenders say.
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Markets fell on Friday as  losses stemming from subprime home loans  struck two prominent players in the financial industry.
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The number of mortgages approved by banks fall for the fifth month in a row in October, figures show.
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There are signs that some high-end real estate developers are being hit by a slowdown.