UK House Prices in Longest Slump Since 2008, Nationwide Says
UK house prices fell for a fifth month in January, the longest string of declines since the financial crisis more than a decade ago, Nationwide Building Society said Wednesday.
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UK house prices fell for a fifth month in January, the longest string of declines since the financial crisis more than a decade ago, Nationwide Building Society said Wednesday.
A surge in Chinese spending last month has spurred more optimism about the country’s economic rebound, though weakness among manufacturers and sales of cars and homes still suggest the recovery isn’t yet on sure footing.
The number of Swedish bankruptcies reached the highest level in at least a decade in January, as defaults in the construction industry rose in the wake of an ongoing housing market rout.
Local governments in China are looking for new uses for the makeshift quarantine facilities built during the pandemic, after years of strict Covid Zero rules left many authorities strapped for cash.
For bond investors looking to bet big on a rally this year, signs of distress in the world’s highly-leveraged housing markets are only adding to their conviction.
Apr 7, 2020
Bloomberg News
,(Bloomberg) -- The number of U.S. homeowners with mortgages who have stopped making payments is surging under the federal government’s new forbearance program, according to a survey from the Mortgage Bankers Association.
The total number of loans in forbearance grew to 2.66% as of April 1, according to the MBA’s Forbearance and Call Volume Survey. On March 2, the rate was 0.25%.
For loans backed by Ginnie Mae, which serves low- and moderate-income borrowers, the rate was 4.25%.
The massive increase in mortgage holders who have stopped paying came as the U.S. economy was largely shut down to help stem the spread of the coronavirus.
The government is requiring lenders handling payments on federally backed loans to give borrowers grace periods of as much as six months at a time with no penalties. Loan servicers say they’ve been flooded with borrower requesting help.
©2020 Bloomberg L.P.