Tuesday, Jan 30, 2007
Repossessions to rise :¬(
Firstrung: Repossessions to rise by up to fifteen percent in 2007
Research by Moore & Blatch, solicitors who specialise in repossession management for a selection of leading mortgage lenders, has revealed that up to 75% of the mortgage lenders its represents anticipate repossessions rising by at least 5% in 2007.
Posted by converted lurker @ 04:58 PM (92 views) Add Comment
7 Comments
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1. Ilejustwait said...
ive noticed on some estate agents web sites that there seem to be more houses up for auction than there used to be , is this a sign that repossession are infact on the rise ?,
2. Nohpc said...
It's basically Darwin's theory of evolution - natural selection
3. Orwell said...
17000 repossessions doesn't seem as much as the 70 000 plus at the height of the last HPC !
Bring it on
4. george monsoon said...
Nohpc. I agree, only a cretin would abandon themselves to the nightmare of a 5x mortgage right now, with the risk of inflation, higher taxes, interest rate rises and all the escape routes from dept are slaming shut.
I suddenly feel like the chess player that got lucky and after feeling outplayed for most of the game, miraculously saw that they were actually one move away from calling checkmate! I was right all along, people are generically stupid and will spend it all if the money is made freely available. The banks are now paying the price for their greed and lax lending, this current government will be cast into the history books as the worst ever for smokescreening a failing economy with the illusion of wealth through rising house prices. As a result we are now seeing the chickens coming home to roost, and not before time!!
The housing market is now so vastly overpriced that one small puff of ill wind will bring the whole damn thing down with a BANG. In the weeks following Christmas, it seems that the positive spin on housing has all but dried up. Even the VI's are not pushing anything at present, probably out of fear that they will upset their fragile world by encouraging another interest rate rise. I know two estate agents who have been in the job for years. They are actually both very nice people, and both are in agreement that they are getting dejavu from the late 80's, only this time it looks a lot worse.
I can't wait for the crash, its been a while coming and when it hits it will be HUGE!
Darwin was right, natural selection - survival of the fittest. Who is the fittest in all this? someone without a mortgage!
5. inflation is eating my savings said...
Just finished "The Devils" by Dostoevsky, which deals extensively with the notion of true freedom (in a different way to his other big novels). I wholeheartedly recommend it. Not only does it deal with the constraints (and consequent mania) imposed upon the mind of the indebted (indebted in spirit as well as financially), but convincingly portrays the extent to which the immoral will go on a whim they couldn't even justify to themselves.
One character in particular remains in the mind, who wrestles extensively with the concept of true freedom and true happiness (he plots a strange path, one ultimately ruined by one of the immoral). I will not spoil it for you, but one throwaway line was that the ownership of property makes one much more unhappy to leave the world (I think Blake also said the same thing). This was from an author who hated the socialists.
The greater charm of renting is not the money one saves in times like these, but simply feeling free.
6. george monsoon said...
Im interested, I will give it a read.
7. Retiredbanker said...
george monsoon-
You should. If you are feeling depressed there is nothing like reading Dostoevsky to raise ones spirits.