Although many had hoped that the commercial mortgage market would be able to turn around, it appears as though more foreclosure are taking place. Right now, the commercial mortgage market is almost as bad off as the housing market and it appears as though the problems will continue. The commercial mortgage market has been hit hard by the economic crisis and many wonder if it will be able to recover before the end of the year. As it looks right now, that may not be possible.
“We have been warning for months of the dangers of allowing this downturn to continue,” said Stewart Baseley, executive chairman at the HBF. “Today’s report is further evidence of the urgent need to get some confidence and fluidity back into the housing market.”
“If the government wants to deliver the homes the country needs, and to avoid the housing market dragging the wider economy into recession, it must act now,” added Mr Beasley.
“Monthly house purchase lending volumes continue to be lower than last yearÕs levels and there will be a further weakening in coming months as recent approvals data has shown,” said CML director general, Michael Coogan.
Related reading: Commercial Mortgages
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