Monday, Oct 29, 2007
Repossessions to soar, say mortgage lenders
Guardian: Repossessions to soar, say mortgage lenders
The number of repossessed homes looks set to soar next year to levels not seen since the 1990s house price crash, it was claimed today.
At the same time, house prices will edge ahead by just 1% in 2008 and property sales will fall by 15%, according to the Council of Mortgage Lenders (CML).
The group expects the number of repossessions to rise by 50% during the year, rising from 30,000 this year to 45,000 in 2008.
It said this would be the highest level of repossessions seen since the 1990s, although it added the number of mortgages had increased by 1.5m since then, and the level of repossessions still represented just 0.38% of all home loans.
Posted by value @ 06:07 PM (183 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.