UK Mortgages Defy the U.S. Trend
The residential lending business in the UK stands in contrast to the abrupt slowdown in the U.S. market. The mortgage numbers are off slightly in the middle of the year, but consumer spending overall continues to rise according to the research - Click here for the numbers.
Despite a series of interest rate hikes, mortgage borrowers in the UK continue to look for - and receive - loans. That may begin to drop off more substantially as the year progresses, but any real problems behind the UK numbers seem to be only a pale shadow of the turmoil in the U.S. credit market and the drop-off in American mortgage originations. Riding out the storm?
