Monday, May 26, 2008
House repossessions rising VERY sharply
WSWS.org: House repossessions rising sharply
Figures released by the UK Ministry of Justice (MoJ) on May 9 showed a marked increase in homeowners facing court action for repossession of their homes. The figure of 37,740 for the last three months was an increase of 17 percent on the last quarter and a 20 percent increase on the figures one year ago.
Repossessions have risen in most of the English regions. The figures indicate that lenders are quicker to resort to the threat of court action. A press release issued by the housing charity Shelter explained that at the time of the last housing crisis in 1991, there were 2.5 court actions initiated for each repossession that went ahead. Last year the figure was five.
Posted by housebear @ 05:09 PM (330 views) Add Comment
2 Comments
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1. Landedgentry said...
Gonna be charitable and offer some cardboard boxes to shelter. Free of course.
2. it_is_going_with_a_bang said...
"Mortgage lenders should be helping homeowners stay in their homes"
Oh really? whose going to pay for that then?
Maybe the lenders shouldnt have been so "helpful" to get them in there in the first place!
Your home is at risk if you do not keep up the payments on it. They knew that when they bought it. Simple as that.
The lenders are actually doing the borrower a favour. Whats the point in going more into debt by prolonging the agony.
If someone has an accident or illhealth then fair enough. But just being stupid enough to take out a huge mortgage you cant realistically pay back is not a good reason for sympathy. End of.