There is some good news today as the figures are released for December mortgage approvals.
Home loans have risen slightly from 27,000 in November 2008 to 31,000 in December 2008. There is still a long way to go, as this level of mortgage approval is still very much lower than in the same period for 2007. As a way to demonstrate the mortgage approvals for 2007 were 1,250,000, whereas for 2008 the total was less than half this figure at 519,000.
However, it is good to pick up on good news when it is reported, as good news can become infectious and help towards yet more good news and so on…
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