Though David Cameron, the leader of the conservative party, keeps saying the UK economy is in recovery the evidence really doesn’t bear that out. In recent months economic reports have all been bad news about the UK economy and with the coalition government’s economic blinkers firmly in position, it’s expected that we are going to see a lot more house repossessions in the future as we descend into the verge of a double dip recession. Recent comments point to a total washout when it comes to assessing the coalition’s economic “strategy”. According to the governor of the Bank of England, Mervyn King, the value of workers pay is in the steepest decline since the 1920′s.
More on Massive UK Public Sector Job Losses Likely to Increase Number of Foreclosures
An interesting report released by Coldwell Banker points to some increase in activity on the real estate sector amongst that under-rated group – singles. Although I remain firmly convinced we are nowhere near a recovery phase yet – let’s be honest – the US banks are sitting on twenty-two million foreclosure properties and merely hanging on to them to keep prices inflated – this is an interesting report:
More on Coldwell Banker Real Estate survey of 1,000 single homeowners
With US real estate prices still on the way down, most would-be real estate investors are facing issues if they need to refinance a mortgage on a property they were renting out. The mortgage resets are not exclusive to residential buyers and a lot of investors are facing problems also. Refinancing a mortgage is the big issue currently, because, whatever mis-information might be being spread around by the banks and governments, credit markets remain tight.
