David Anderson, chief executive of Yorkshire Building Society, writes: Summer has got off to a great start in Bradford, and as you might guess I am not talking about the weather.

One year has passed since the terrible events of last July and this year we have a very different story.

What am I talking about?

A terrific celebration of the Bradford City of Culture 2008 bid at a Bradford Bulls game. Hundreds of volunteers from businesses involved in Bradford Cares working on a vast range of community projects during July Action Days.

Another really successful Mela and Festival. The list goes on...

It's a pity that it's not possible to see such an improvement in the environment for doing business.

Markets do become volatile from time to time but the current rollercoaster makes the art of forecasting what may happen next something that may just as well happen in Gypsy Rose Lee's tent.

Is the housing market, a bubble that is about to burst? Most of us shouldn't see any problem as houses are still affordable while interest rates remain low, and there is no shortage of demand.

However, it would not be a surprise if the top end of the market starts to suffer, especially in the South East where it has been pushed up by City bonuses.

Whether interest rates will remain at current levels is another perplexing part of the mix.

Until the latest round of turmoil in the equity markets, we were expecting to see an increase in August.

This now seems very unlikely, especially in view of the very low inflation figure which has just been released.

Forward markets are now anticipating just one quarter point hike by the year end and it's hard to bet against that at the moment.

Now for the hundred billion dollar question - the equity markets.

My personal view is that in the absence of any further major corporate scandals, we may see continuing volatility with a gradual underlying drift downwards over the rest of the year as the bears have their way.

Then again, if I had any credibility or success as a forecaster of the equity markets I may not be enjoying the delights of what Bradford's summer has to offer.

My desk may by now have been abandoned.

It must be sunny somewhere!