"Two reports out yesterday appear to bolster Mr Schiff’s argument. The first, from George Wimpey, gave warning that the housebuilder faced “very poor” conditions in the US, where cancellation rates averaged 50 per cent in the second half and the forward order book was worth 68 per cent less than a year ago. In the second, it emerged that US mortgage applications slumped by 10.2 per cent last week compared with the previous week."
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