Tuesday, Oct 28, 2008
1/2 million bargain homes soon to drive down house prices
Mail Online: Repossession threatens 500,000 families as cost of credit crunch hits £1.8trillion
The number of families at risk of losing their home could rise nearly fourfold as the credit crunch bites, the Bank of England has warned.
In a bleak analysis, it says that more than half a million households could fall three months or more behind on their mortgage payments - putting them at risk of repossession.
Posted by athom @ 11:31 AM (597 views) Add Comment
5 Comments
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1. japanese uncle said...
I am not particularly keen to mention this, but I would like to repost the following just for the record.
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I would not be surprised to see the cases of repossessions will rise up to half million or even more by 2010, if or rather when the domino of all those fragile elements, such as full-scale recession giving rise to soaring unemployment, full-scale collapse of the housing market and stock market, (imminent) meltdown of the financial sector as one and only engine of the economy, really kicks in simultaneously to roar like a juggernaut.
Monday, February 11, 2008 11:08AM
2. renting2 said...
And, unless HMG's plan to buy out these people and rent the houses back to them comes to fruition, the banks will repossess sooner rather than later despite what GB says.
3. Athom said...
i agree, the government has to make lip service comments asking banks to help mortgage holders but what will they do if the borrower can't pay he can't pay. The quicker the bank sells the house the more they'll get for it which is surely what the banks will try to do. Even if I is was the unlucky borrower who'd lost a job i'd not want to hang on to the house longer or it'll leave me with a bigger shortfall.
4. mrmickey said...
And if the banks are doing this to individuals their doing it to businesses in their made dash for cash.
5. malct said...
athom - "asking banks to help mortgage holders but what will they do if the borrower can't pay he can't pay. "
woah! if the banks can't survive, they can't survive - uh no!, they can't fail so they get bailed out with taxpayers' money.
Isn't there something in the Bible about some bloke being let off the hook by a creditor and then kicking the life out of some little man who owed him 5p?
where's TC?