Friday, Nov 21, 2008
Early 1990's all over again, house prices have a long way to come down..
FT.com: Banks see rise in voluntary repossessions
Banks are seeing an increase in the numbers of homeowners deciding voluntarily to hand back their properties because they cannot afford to keep up mortgage payments.
Voluntary repossessions involve the bank selling the property at auction but this will not show up in official figures as a repossession because there has been no court order.
Posted by v stor @ 06:50 PM (626 views) Add Comment
5 Comments
- 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
1. voiceofreason said...
Yup,
We have to go wayyyy back to 2002 levels to get to sensibleness (is that a word ?)
I have just got back from the pub - celebrating the redundification of one of my colleagues.
Hurrahh !
2. titaniccaptain said...
@Voice of reason
What are sensible levels in a recession thats turning into a depression with rising unemployment, the pound falling like a sack of sh#t, banks not wanting to lend (but trying to keep up the appearance of trying to), Personal debt in the u.k. at record levels and the highest in the world and even though many will argue against it the spectre of deflation .........oh yes and credit just dried up.................?
1992 levels seem more sensible to me but 1982 levels might be about right in 3 years..................
3. planning4acrash said...
I see prices falling beneath, way beneath 1992 levels. To go back to a gold standard, we must go back to 1972 prices!!!!! This should and could happen, if government don't get their way.
4. Tenyearstogetmymoneyback said...
titaniccaptain "1982 levels might be about right in 3 years.................."
Back in 1982 a Buy to Letter (although I bet he didn't have a mortgage) was trying to sell
a friend the house he was living in (on Stapleton Road Bristol) for £15000 because he wasn't
making any money.
There again if you go against salary, in 1983 as a newly qualified engineer I started on
£7000 a year.
5. titaniccaptain said...
@Ten years
I know my opinions may seem extreme but with a depression coming our way and the possibility of hyper deflation..............it looks less rosy by the day depending on which mountain you sit on