Thursday, Dec 18, 2008
More repossession porn
BBC: Mortgage arrears to reach 500,000
Mortgage lenders predict the recession will lead to a huge rise in arrears among their borrowers in 2009. The Council of Mortgage Lenders (CML) said the number of households more than three months behind with their repayments would reach 500,000. That will be more than double this year's expected figure of 210,000. The CML said 2009 would be "very tough" because the recession would drive up unemployment and lead to 75,000 repossessions among borrowers.
Posted by mark wadsworth @ 10:20 AM (1087 views) Add Comment
15 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. titaniccaptain said...
You must of beat me to this posting by half a second Wadsworth
2. titaniccaptain said...
So distressed sales to rocket then.................doing what to house prices?...................................... tick tock tick tock
3. bystander said...
"A significant number of these are likely to be cases where the property is abandoned or where property fraud has been perpetrated, and a sizeable share are expected to be buy-to-let mortgages," it said.
..........I wonder is those involved in the misselling and overvaluations of properties that sucked so many in and ramped properties to insane prices will ever be brought to book???
4. sovietuk said...
Where are the comparisons with repossessions in the last recession? Normally in a BBC repossession analysis there are liberal sprinklings of comparisons with repossessions in the last recession i.e something along the lines of " the number of repossessions is well under the peak numbers being repossessed in the 1991-92 recession". Then as soon as the numbers reach these levels or possibly more the comparisons are conveniently hidden or not mentioned. Another blatant example of politicisation of the BBC.
5. phdinbubbles said...
How many homeowners was the government scheme to help those in arrears predicted to help (according to Beckett)? Correct me if I'm wrong, but wasn't it something like 9000? 500000-9000=491000. And most of those 9000 will be even more buggered in a couple of years (and are underwritten with my money!).
6. paul said...
sovietuk, that's standard reporting practice for the BBC, especially talking about property. All I can guess is that there are some really heavily leveraged BTL empire senior editors working for the BBC website.
7. plato said...
All this just brings property prices down and down and down and debt just keeps going up and up and up. Expect a massive price drop in 2009-2010. One for The Guiness Book..........
8. mark wadsworth said...
@ TC, I was lucky to get in first!
@ Plato, yup, we'll be down to about half 2007 levels by the time this is all over.
9. uncle tom said...
A round number plucked out of the air. Probable? No.
In the early 90's people took negative equity really badly, with some throwing in the towel on their mortgages when they were only a few thousand in the red.
With the govt trying to engineer a payment 'window' for those who are struggling, I can see a great many people putting their mortgage payments on hold while they wait to see how the property market pans out - even if they have not suffered a significant fall in income.
If the market recovers, they'll resume payments, if it doesn't, they'll turn the money they've saved into ready cash, - and go for broke...
The sums at stake here are immense..
10. This comment has been removed as it was found to be in breach of our Blog Policies.
11. This comment has been removed as it was found to be in breach of our Blog Policies.
12. This comment has been removed as it was found to be in breach of our Blog Policies.
13. This comment has been removed as it was found to be in breach of our Blog Policies.
14. This comment has been removed as it was found to be in breach of our Blog Policies.
15. This comment has been removed as it was found to be in breach of our Blog Policies.