What is the mortgage market like lately?

People ask me ‘how is business’ a lot, is it macabre fascination or do they want to hear something reassuring? I don’t know, but my general answer is ‘can we talk about something happy?!’. There are so many intermediaries that have shut down that on many levels (I feel I speak for the entire firm on this) we feel privileged to still be operating through the downturn. While we all know that there is a crisis, and we are reminded of it every day, I think it is worth considering the changes that have occurred in the mortgage market in the last year,with an emphasis on 2009.

Mortgage debt is decreasing: Our total ‘indebtedness’ on the mortgage market is coming down, we are deleveraging as a society. This is happening as people start to shun debt and fear the forward commitments of borrowing, in the same way that companies and funds have been deleveraging, everyday people are doing the same. In the past, recessions generally had a large debt element to …

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