Tuesday, Oct 23, 2007
What a surprise!
Daily Mail: 70,000 buyers could lose their homes in mortgage crisis
The quadrupling in the number repossessed last year would take the figure close to the peak seen during the property market collapse of the early 1990s... The crisis was triggered by rising unemployment and interest rates, which meant many could not afford to meet repayments. A resulting flood of cheap repossessed homes on to the market fuelled a price crash which left thousands of young buyers owing more on their homes than they were worth.... even if the Bank of England cuts the 5.75 per cent base rate in the next few months, this will be too late to stem the tide of homelessness.
Posted by disillusioned @ 01:30 PM (944 views) Add Comment
10 Comments
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1. confused76 said...
"Mr Boulger, of mortgage brokers John Charcol, warned that the repossessions will be part of a wider property market reverse that could see prices fall by 10 per cent in some areas. "
YEEEEEEEEESSSSSSSSSSSSSSSSSSSSSSSS
and this guy knows what he is talking about! and noone can accuse him to be a doom monger, on the contrary he has got VIs in the lending market
2. Axxo said...
In East Dulwich, SE22 we are aleady at 10% reduction and proeprty still not moving!!
3. Wdbeast said...
This is a quote from the same Ray Boulger in yesterdays "Mirror" I know 24 hours is a long time, but now he reckons "Repossession Armageddon", am I missing something?
Ray Boulger, senior technical manager at independent mortgage broker John Charcol:
"It's an unequivocal no to a crash. We'll see a modest house-price fall in some areas but nationally I'd expect prices broadly to flatline."
4. paul said...
Indeed, the VIs are trying their best to sound shocked that no-one actually catches a falling knife!!
The MPC cannot cut rates - oil is spiralling dangerously towards $1000 a barrel!!
5. paul said...
$100 a barrel. $1000 will be next year sometime.
6. David Smith's Sub Prime. . . said...
How's Mrs. Flange ?
7. cyril said...
According to the ONS, inflation has fallen this month because of lower gas and electricity bills. Doesn't seem to fit in with the high oil price. (I assume gas and electric tends to follow the oil price?)
8. planning4acrash said...
$1000 dollars? You would see demand destruction before that happened Paul, so not in this cycle. We may see $120 some time in 2008 and $250 by 2010-15, but $1000? Not for a while yet, but it will happen.
9. Fergie said...
Wow - if Oil is going to be $250 a barrel by 2010-2015, I wonder how much a 2 bedroom flat in Manchester will be worth by the same date.
10. bidin'matime said...
Fergie - about the same - $250...