The head of the International Monetary Fund has stressed the need for unity among world leaders at the G20 meeting in London next week. “It is absolutely necessary for leaders to find agreement,” said IMF managing director Dominique Strauss-Kahn. The UN has also called for urgent action at the G20 to prevent the financial crisis developing into a “catastrophe for human development”.

Pound Sterling - UK Markets

Mortgage approvals for house purchases in Britain rose more than expected in February, according to official figures from the Bank of England. There were 38,000 approvals in the month, up from 32,000 in January – the highest number since May 2008.

There was also the biggest net repayment of consumer debt since records began in April 1993. Consumers repaid £245m worth of credit more than they took out in February, having taken on an extra £165m of credit in January.

However, mortgage approval data hasn’t stopped the pound from tumbling today, after a report by the property industry group Hometrack showed that the average price for a home in England and Wales plummeted by a record 10.3 percent on year in March. March’s annual fall was the biggest yet in Hometrack’s monthly survey of estate agents and surveyors, which started in 2000 and has persistently reported lower price falls than official government data.

US Dollar - US Markets

Supported by lower oil prices, the US dollar soared in early training to a 12-day high against its UK, European and Swiss counterparts as concerns about the global economy prompted investors to seek the safety of the world’s most liquid currency.

However, the dollar has since slumped back against the yen amid fresh concerns about struggling US carmakers General Motors and Chrysler. The fall follows comments from a rescue task force that said their plans for recovery are “not viable.”

The euro, however, remains weaker against the greenback as investors anticipate European Central Bank policy-makers will reduce interest rates when they meet on Thursday.

Euro – European Markets

The Irish Republic’s economy has suffered its largest contraction in recent decades. The Irish economy shrank by 7.5% in the last three months of 2008 compared with the same period a year earlier, a report by the Central Statistics Office has shown.

The construction industry, which has faced a housing market slump, suffered a 24% fall in output, the biggest fall on record. In the whole of 2008 the economy shrank by 2.3%, the first decline since 1983. Ireland has experienced a sharp downturn, becoming the first eurozone country to fall into recession in 2008.

The economic crisis in Spain has taken a new turn on Monday after the country became the first in the euro zone to report disinflation on the heels of a weekend takeover of a Spanish savings bank by the government. Preliminary data showed that harmonised consumer prices fell 0.1% in March on an annual basis, against a 0.7% rise in February, according to the Instituto Nacional de Estatdistica. It was the first decline in consumer prices since the INE started tracking figures in 1961. Analysts had been expecting a rise in prices of around 0.4%.

Other Currencies - Highlights

Official figures show that Japan’s manufacturing output has fallen for the fifth consecutive month. Industrial production dropped 9.4% in February, but rebounded from January’s record 10.2% plunge, Japan’s Ministry of Economy, Trade and Industry said.

Retail sales growth in the UK almost stalled in February as consumers cut back on spending, figures from the Office of National Statistics show. Sales growth slowed to 0.4% last month, the smallest increase since 1995, after a 3.6% rise in January. Analysts had expected retail sales growth to slow to 2.5%.

Pound Sterling - UK Markets

The UK Treasury has failed to sell all its government bonds in an auction for the first time since 2002. The Debt Management Office has said that the Treasury wanted to sell £1.75bn of 40-year bonds, but investors only bid for £1.63bn of the debt. Analysts said this may reflect concern over the state of the public finances as government borrowing surges.

Meanwhile, the UK February Retail Sales Report has seen the Pound decline against the US Dollar.

US Dollar - US Markets

In a quiet day for US data, Treasury Secretary Timothy Geithner has defended the Dollar as the world reserve currency, a day after China called for it to be replaced. Pointing to the ongoing global financial crisis, China’s Central Bank governor, Zhou Xiaochuan called for a new reserve currency run by the International Monetary Fund.

Euro – European Markets

Following yesterday’s report that showed dire figures about German business confidence, German consumer confidence has declined for the first time in seven months. Workers are increasingly worried about keeping their jobs amid the worst recession since World War II, GfK AG’s confidence index for April shown.

According to the Dutch Central Bureau for Statistics, the Dutch economy shrank 0.6% on the year in the fourth quarter. In line with estimates, the Dutch economy in the fourth quarter contracted 1% from the previous quarter, according to the second estimate, which is a downward revision of 0.1 percentage point compared with the first estimate.

Spanish new housing starts fell 42% last year as a decade-long housing boom went bust, data from the country’s Housing Ministry has shown. Housing starts fell to 360,044 last year, from 615,976 in 2007. The resulting decline in housing investment pushed the wider Spanish economy into recession at the end of last year.

A report from Statistics Denmark has said the Danish seasonally adjusted jobless rate climbed to 2.5% last month from 2.3% in January. The figure, which is in line with forecasts, shows that Denmark’s unemployment rate rose in February for the fifth straight month. Denmark’s jobless rate has climbed steadily since September, when it was 1.7%.

Italian business confidence continued to fall in March, staying at its lowest level since records began in 1991, with recent bankruptcies painting a bleak outlook for the economy and exports, research centre ISAE has said.

ISAE said March business confidence in the Eurozone’s third-largest economy fell to 59.8 from 63.2 in February, well below expectations. A survey of 12 economists polled by Dow Jones Newswires forecast Italian business confidence at 62.7. In the report Thursday, ISAE said sentiment in the consumer goods sector fell to 72.1 from 76.8, while investment goods sentiment slid to 56.5 from 58.7.

Following these somewhat bleak reports, the Euro weakened against its major counterparts, before bouncing back slightly against the Swiss Franc.

Other Currencies - Highlights

The Shekel-US Dollar exchange rate rose 1% in morning inter-bank trading and the Shekel-Euro exchange rate rose 1.68% after the Bank of Israel announced yesterday evening that it would continue to buy US Dollars.

Gordon Brown will repeat calls for greater fiscal stimulus and more financial regulation on a visit to the US as part of his pre-G20 summit tour. The prime minister’s strategies for reviving the economy appear to have been broadly backed by US President Barack Obama. Brown is touring three continents ahead of next week’s G20 summit, calling on governments to back plans for possible further stimulus action.

Pound Sterling - UK Markets

Answering questions from MPs at a Treasury committee meeting, Mervyn King, the governor of the Bank of England, has warned against further significant government spending to stimulate the economy. Given the high levels of UK debt as a result of recent stimulus packages, Mr King questioned the wisdom of increasing debt by spending more.

Following yesterday’s surprise jump in British consumer price inflation to an annual rate of 3.2 percent, Sterling fell against the US Dollar and Euro, giving back some of the previous session’s gains as investors reconsidered the unexpected rise in inflation.

US Dollar - US Markets

Barack Obama has told Americans he sees signs of economic recovery, but has urged them to be patient and look beyond their “short-term interests”. The US president said his draft budget would build a stronger economy which would mean America did not face a repeat crisis in 10 or 20 years. Obama’s $3.6tn budget faces its first tests in Congress this week.

Orders for US durable goods are predicted to have fallen in February for a seventh straight month as the global slump in business spending deepened, economists said before the release of data from the US Commerce Department today.

Bookings for goods meant to last several years decreased 2.5%, according to the median forecast of economists surveyed by Bloomberg News, after dropping 4.5 percent in January. A report on new-home sales, also from the Commerce Department, is anticipated to show sales of new houses declined to the lowest level on record.

Euro – European Markets

Germany’s Munich-based Ifo Institute for Economic Research released a German business confidence survey earlier today. The business confidence index has dropped to a historical low of 82.1 in March from 82.6 in February. The Euro has now gained slightly against its major counterparts.

According to research centre ISAE, Italian consumer confidence fell more-than-expected in March as households’ view of the overall economy and employment opportunities slipped. ISAE said the seasonally adjusted consumer confidence index for Europe’s fourth-largest economy dropped to 99.8 from 104 in February, returning to levels last seen at the end of 2008.

ISAE said consumers’ expectations of their overall economic situation fell sharply to 62.1 from 70.4, while views on rising unemployment increased to 115 from 97. Views on their personal situation dropped to 118.3 from 120.7.

Other Currencies - Highlights

Japan’s exports saw a record plunge in February, falling by nearly half compared with a year earlier, according to the country’s finance ministry. In line with forecasts, exports fell 49.4% year-on-year to 3.526tn yen ($36bn; £24.6bn). This data comes after figures for January showed year-on-year exports nearly halved that month as well.

The South African Rand was softer against the US Dollar in early trade today, moving back into the 9.50s, as some nervousness about global stock markets returned to the markets.

Equity markets remain neutral this morning ahead of retail sales figures and jobless claims due in the US this afternoon. Stocks posted minor rallies yesterday as JP Morgan Chase announced a profit in the first two months of 2009 although risk trends continue to drive international currency exchange rates.

Pound Sterling - UK markets

The Pound remains in the doldrums this morning, having lost ground against the US Dollar, Yen and Euro as investors favour risk aversion in the midst of deepening recession. Lacklustre trade data has kept the underlying trend in Sterling neutral.

Market reaction to the first gilt auction held by the Bank of England yesterday was muted and unease surrounding quantitative easing continues to weigh on the Pound. Yesterday official statistics revealed the UK economy in deficit to the tune of -£3.5 billion for goods and services in January. The deficit in traded goods fell to -£7.7 billion which is compatible with weaker industrial production figures for January. Sterling remains extremely weak internationally and the March unemployment rate will be a source of volatility for markets. Budget supermarket chain Morrison’s has announced a 7% increase in profits on the back of higher sales during the credit crunch. Today there is no data of note from the UK and Sterling is likely to be driven by international risk trends.

US Dollar - US Markets

The Dollar is gaining ground this morning against its major currency partners as investors remain risk averse. The US Dollar is up over 1% on the Australian Dollar and Indian Rupee, while it has lost nearly 1.5% against the Yen as demand for safe havens continues.

US equities gained yesterday as JP Morgan Chase joined Citigroup in announcing a profit in the first two months of 2009. While it may be premature to say this indicates an end to the downturn, it does suggest greater stability in the banking sector and this was a source of confidence for equities in the US, Europe and Asia. US jobless claims and retail figures are due today and this is likely to be a source of volatility for currency exchange rates as retail sales are regarded as an important driver of the domestic and global economy. The US trade balance is out tomorrow.

Euro – European Markets

The Euro remains low against the US Dollar, Yen and Swiss Franc this morning amid speculation that industrial production figures for Germany are likely to be negative. The Euro continues to strengthen over the Pound and is trading at higher levels against the Australian and Kiwi Dollars.

The EMU producer price index has fallen -0.1% for January and is expected to show a 0.5% increase for the year. Recession continues to gather pace in the Eurozone and industrial production figures for Germany, the largest economy in the region, are expected to confirm this. ECB President Trichet has recently stated that ECB interest rates are likely to stay above 1% and this reluctance of the ECB to act is weighing on the Euro. Central Banks around the world have slashed interest rates in response to the credit crisis and the ECB remains curiously behind the curve. However, the ECB overnight deposit rate is 0.5% - the same as the MPC base rate - and this is helping to drive interest rates down for European banks. The ECB monthly report is due today and the Swiss interest rate decision is due tomorrow.

Other Currencies - Highlights

In Australasian markets, the Reserve Bank of New Zealand cut interest rates by 0.5% to 3% in an attempt to kick-start the economy yesterday. The reduction was in line with market expectations and the Kiwi rose to a two week high against the US Dollar following the announcement. In Australia the unemployment rate has risen to 5.2%, up from 4.8% the previous month. Unemployment is now at the highest level in 4 years and recession could be looming on the horizon for the Australian economy. New Zealand retail sales figures are due tomorrow and the unemployment rate is released in Canada.

GDP figures for Japan this morning show the Japanese economy shrunk -3.2% in the fourth quarter of 2008, taking annualized GDP down to -12.1%. This contraction is the steepest since 1974 and fuelled further gains in the Yen as investors sought to limit their risk by buying the perceived safe haven currencies.

The Bank of England announced yesterday that it is to take unprecedented steps to ease the recession; £75 billion will be injected into the British economy over the next three months.

Pound Sterling - UK markets

The Bank will embark on quantitative easing next week, a measure that will see more money printed, after the monetary policy committee cut the bank rate for the sixth time since October. The rate is now 0.5% - a level previously unseen in the Bank’s 315-year history.

Mervyn King, the Bank’s governor, said it was unlikely that the bank rate could go any lower and policymakers are now focussing on creating money instead. Chancellor Alastair Darling has given the Bank permission to create £150bn – 10% of the annual output of the economy – by purchasing government gilts and commercial assets.

Gilt prices rose sharply following the announcement, but stock markets on both sides of the Atlantic suffered a heavy sell-off amid concerns that the health of the insurance sector had been jeopardised by the credit crunch.

Halifax, Britain’s biggest mortgage lender, said house prices fell by 2.3% in February and were almost 18% lower than a year ago, while the Society for Motor Manufacturers and Traders said sales of new cars were down 20% on February last year.

Following this was news that the board of Lloyds Banking Group met last night to consider a government-backed deal to insure up to £250bn of its most troublesome assets. If the deal goes ahead, the bank’s management would have to cede majority control to the state.

All this meant that the Pound tumbled. The Dollar gained against the sterling and the Euro on the back of the interest rate cuts. The Pound slid to 1.1221 against the Euro and is now around 1.4220 against the Dollar.

US Dollar - US Markets

However, the US Dollar dropped more than a one percent against a host of currencies overnight, reversing these recent gains, as investors braced for data that is expected to show that the US jobs market took a severe knock in February.

Economists expect the US economy lost a massive 648,000 jobs in February, with the unemployment rate rising to a 25-year high. Speculation that the figure could reach 1 million has hit the Dollar hard.

Although recent bad economic news has tended to be positive for the Dollar as investors have flocked to the perceived safety of the U.S. currency, analysts said investors’ immediate reaction to talk of such a horrendous number was to sell.

The Euro gained 1 percent against the Dollar to 1.2695.

Euro – European Markets

The European Central Bank cut its interest rates yesterday by half a percentage point, down to 1.5% - the lowest level since single Euro rates were introduced in 1999. ECB president Jean-Claude Trichet said interest rates could fall further from their current level but he stressed that they were already very low.

The ECB also slashed its inflation forecasts from 1.8% to 1%. The new inflationary target is significantly lower than the ECB’s stability objective of 2% and gives them scope to lower rates further.

Other Currencies - Highlights

The Swiss franc was a major gainer, with the Euro tumbling to a four-month low against the currency, with analysts saying the Swiss unit has briefly resumed its safe-haven status amid intensifying concerns about a severe global economic downturn.

The Australian Dollar reached a two-day low against the Euro.

Aside from a certain former banking executive and his pension, the main discussion this week has seen many people in the industry and financial world talking about whether they would or they wouldn’t.

The answer came to light about an hour ago. They did.

The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 0.5%, and to undertake a programme of asset purchases of £75 billion financed by the issuance of central bank reserves. Never before have we seen a rate this low which was also accompanied with the news that the BOE would be pumping more money in to the country to help increase spending.

The statement from the Bank Of England website read:

“At its March meeting, the Committee noted that the February Inflation Report had implied a substantial risk of undershooting the 2% CPI inflation target in the medium term and that a further easing in monetary policy was likely to be needed.  Data released since the finalisation of the Report had not materially altered that prospect.  Accordingly, the Committee concluded that a further easing in the stance of monetary policy was warranted.  But the Committee also noted that a very low level of Bank Rate could have counter-productive effects on the operation of some financial markets and on the lending capacity of the banking system.  On balance, the Committee decided to reduce Bank Rate by 0.5 percentage points, to 0.5%.

The Committee judged that this reduction in Bank Rate would by itself still leave a substantial risk of undershooting the 2% CPI inflation target in the medium term.  Accordingly, the Committee also resolved to undertake further monetary actions, with the aim of boosting the supply of money and credit and thus raising the rate of growth of nominal spending to a level consistent with meeting the inflation target in the medium term.”

Like a boxing match, you will have two corners today, one of which will be dancing around the ring with their hands in the air, and the other who is sat on the stool with a feeling of a sharp kick in the stomach. If you have a tracker mortgage, today’s news will leave you feeling pleased, if not ecstatic, but if you rely on or have savings accounts, things are not looking so rosy.

So, when you go down the pub tonight, the people smiling have a mortgage, the people with half a pint, a gloomy look and possibly the hint of a tear in their eye have simply been doing what we have always been told to do, saving their money in a bank or savings account.

I was hoping to get a blog done yesterday to discuss the ongoing crisis but didnt…with the news that the FSA chief has resigned due to the whistleblower comments of yesterday, I have more discuss!

In fact, rather than prattle on like so many currently do as to the why’s and wherefores, I’d like to offer another solution. Split the retail and investment banks completely…. Of course, it is likely that the investment bank is funded from the retail banking part of each Group, so whether this ever happened is open for debate. However, with banks running to the taxpayer tail between their legs, it’s about time the taxpayer demanded and got what they were after.

What is it the taxpayer wants you may ask? A secure and well run bank for starters. A return to the days when you could call in at your local branch and talk to someone who could make a decision. I recently walked into my local branch to get some old bank statements and was told I had to write off and I would be charged £30 for the pleasure! The fact that a printer was right next to my personal banker did not seem to help…

Bank customers also want a return to customer service as at least an equal to a bank’s other primary objective of making money (it is not keeping your money safe!). If a bank wishes to gamble with funds through its investment division it is quite entitled to, but not at the loss of security for its customer’s deposits. The only alternative can be that the two divisions are split, with tax payer money funding the retail bank only (and therefore its improved service) whilst the investment bank fights on it own to get itself out of the trouble it got itself into…..In this instance retail banking would not suffer.

Unfortunately this is not the case, and as a result retail banking will continue to suffer whilst the cash machine known as taxpayer funds are diverted into the investment division to prop it up (or retain the usual profit margins, commonly known as “re-capitalising”).

Businesses that are failing are left to die, as we all saw with Woolworths. Why shouldn’t that be the same for investment groups? Split the banks, nationalise the retail side until it improves, and let the investment division fight like we all have to…saying sorry to government this week is not, and should not, be enough!

As we like to do at Discover and Invest, let’s look for the solutions to our needs…

The Pound has slumped overnight, under pressure from negative data in the UK and the return of risk aversion internationally. European and US equities remain lacklustre as the Federal Reserve rescue package has undergone ‘nips and tucks’ in the interest of a compromise in the Senate.

Pound Sterling - UK markets

The Pound has declined sharply overnight, lower against all its major currency partners as the effect of the Bank of England’s report, rising unemployment and increased risk aversion take their toll on Sterling. This morning the Sterling-Euro exchange rate is at 1.10 while the Sterling-Dollar is 1.42. The Pound is also down over 1.8% against the Yen.

Bank of England Governor Mervyn King revealed yesterday he expects the UK economy to contract up to 4% in the first quarter of 2009 and unemployment statistics show the number of jobless at almost 2 million. In his speech King hinted at further unconventional attempts at monetary easing and money supply at a time when growth prospects remain “unusually uncertain”. This uncertainty is dampening investor confidence, particularly at a time when quantitative easing is still on the table as a tactic for consideration. This option is viewed by economists as fraught with risks and would likely have a severely negative impact on Sterling exchange rates. The issue of corporate bonuses is gaining traction in Parliament after RBS claimed it is still to pay up to £1 billion worth of bonuses despite making 2,300 job cuts yesterday. Current predictions are for economic recovery to begin by the fourth quarter of 2009 and carry on into 2010 by when recent monetary easing  policy should begin to impact on markets. There is no significant data out in the UK for the rest of the week.

US Dollar - US Markets

The Dollar has strengthened across the board this morning, benefitting from its reserve status as global equities still remain in negative mode. The Dollar is up over 1% on the Australian, Kiwi and Pound and has gained 0.4% on the Euro.

US market focus remains on the passing of the Federal Reserve package and in the absence of decisive policy action US equities have been lacklustre. Congress is currently moving towards passing a $789 billion rescue package, smaller than the original versions as ‘nips and tucks’ have been made to ensure a political compromise. Economists are predicting the US economy to contract 2% this year and despite Obama’s attempts to create 3.5 million jobs, unemployment is expected to top 8% in 2010. US retail sales figures, a key driver of the US economy, are out today.

Euro – European Markets

The Euro has had mixed results overnight, declining against the US Dollar but gaining on the Pound. The Euro-Sterling exchange rate has climbed to 0.90 while the Euro-Dollar has sunk to 1.28. The Euro is also up on the Aussie and Kiwi Dollars, yet is down against the Canadian Dollar and Yen as investors favour traditional safe havens.

The EUR-USD exchange rate is broaching a weekly low at 1.28 and the Euro is coming under selling pressure while market doubts remain about the effectiveness of the US stimulus package. The ECB monthly report for February cited the extraordinary exchange rate volatility in recent months as uncertainty surrounding the length and depth of global recession has prevented traders from taking up long term positions. European equities remain negative and the Swedish Central Bank cut interest rates yesterday to 1%. EMU industrial production figures are due this morning and GDP for Germany and the EMU are out tomorrow.

Other Currencies - Highlights

Mixed news from Australia this morning as figures show the economy has added 1,200 new jobs, yet the unemployment rate has risen to 4.8%. Business confidence is also at the worst level since 1992. This would suggest the Australian economy is still in the early stages of the downturn and the Australian Government has claimed the economy will contract without the aid of a fiscal stimulus package. The AUD42 billion plan proposed by the Government has been defeated in the Senate in a tied vote. This will force PM Kevin Rudd back to the drawing board and the Aussie and Kiwi Dollars are likely to remain dominated by market focus on risk aversion with US retail sales to be released later in the day.

Another day, another rate cut…or so it seems at the moment.

Who would have thought 12 months ago that we would be in this position now? Economic measures are known to take a while to affect the economy, but with lending remaining tight, many believe it is not and will not be the required dose. However, with the intriguing news that house prices have surprisingly risen in January, are rate cuts the answer or should we really try something different?

Well, to answer the property surprise, it is likely that falling prices are more to do with renewed demand than a drop in rates.

Why? Well it is clear that the lower prices mean the market is now reachable for a new generation of first time buyers still eager to own their own home now they can afford to. That and the fact that successful Buy-to-Let investors are taking advantage of the value on offer are the key reasons. With interest rate cuts not being passed on by the lenders, this cannot be the overruling factor.

With the UK making a strong case for being bankrupt right now, the argument must therefore turn to other avenues for increased liquidity.

My argument is a simple one borne from experience in selling international property investment. There are plenty of people out there with surplus funds looking for something to do with them. Nothing they turn their attention to seems to work today. In today’s climate the area of funding may be the answer.

Therefore, I propose that Co-Op funding groups are formed (not fund run) to offer alternatives to institutional funding. Businesses which work in downtime growth markets making good margin but in need of quality funding are the natural avenues to pursue.

This why businesses that should survive and are well-run can benefit from the community and benefit the community with its produce; it’s win-win basically. We managed to put together a similar project for an ambulance stockist as many of you will know, with excellent results.

The idea is not new and has been used successfully through the centuries. So why not try it again? We’re all after a sense of community and forming these groups could significantly help local businesses and local economies get on their feet again. Co-op funders could be venturing with groups finding growth markets in a recession to ensure funding was funnelled in the right directions, maximising job potential.

It’s time to stop moaning about lack of tools to change the situation and start coming up with solutions. Just a thought…

After 11 months of continual house price falls, it would seem the run is finally over, at least according to one leading bank.

According to the Halifax, the price of UK homes rose by 1.9% in January, and data based on mortgage approvals showed that the average house price reached £163,966.

A quote on the BBC website reads:

“There are some very early signs that market activity may be stabilising, albeit at quite a low level,” said Halifax chief economist Martin Ellis.

“Nonetheless, continuing pressures on incomes, rising unemployment and the negative impact of the dislocation of the financial markets on the availability of mortgage finance are expected to mean that 2009 will be a difficult year for the housing market.”

Although this news is somewhat unexpected, it does contradict the survey released from Nationwide last week which reported prices had in fact fallen by 1.3%, so really it is up to you who to believe. But when more banks and mortgage companies release their figures, we will be in a better position to know the more accurate standings. Even so, it is great news that house prices are now starting to rise again, which could indicate the prices have fallen as far as they are going to go, something we are all hoping for.

In other news today, the Bank of England is expected to cut the interest rates again, with most predicting another 0.5% cut, taking the rates down to an amazing 1%, great news for those of us on tracker mortgages. The news will come later this afternoon, with our Managing Director Chris Davidson offering his view on whatever the conclusions may be tomorrow.

The forthcoming cut is not so welcomed by some business groups, based on the fact previous reductions have failed to help; they do not want to see another cut today. They would rather the bank increase lending, which to many small and medium businesses is a very valid point to be making. The Federation of Small Businesses (FSB) is one of the business groups saying it would prefer rates to stay on hold for February, according to the BBC.

So, house prices up and interest rates down, many will begin to ask the question this morning, is the recession beginning to ease, or have we just had a good month ahead of even worse times to come. A pessimist or an optimist will provide different thoughts, opinions and conclusions, but if the report is accurate, it really is a great month to be buying property as you might not get a chance to get it much cheaper.

Don’t forget to check out our latest BMV property deal by clicking here, we only have this one unit left, which we expect to sell today.