Mortgage is not an option most people would like to take as it entitles you to sell all you have and move into a less expensive dwelling until you can really pay back your credit. The summers of 2008 saw project delinquencies peaking by an average of 3.6% since the last three years. The sale of new houses has also taken a sharp dip. It is estimated that there are about 4.5 million homes in the market and it would take an average of 9.6 months to sell them off.
Home owners are perhaps the first section of people who gets affected with inflation or rising interest rates. According to CML the current statistics show that the rate of mortgages in January 2009 fell by about 28% from last December and by 52% by January 2008. It’s a tough battle for both companies, and house owners, as both struggle to stay afloat.
There is a shift in the borrowing trends in the auto loan industry .Customer these days are opting for a loan for a longer period of time than the usual 4/5 years range. This helps them to evenly balance out their loan EMI over a longer period of term, so that their savings and pay outs can be evenly managed.
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