Thursday, Jan 22, 2009
Next year it will be double again
BBC: Home possessions 'almost double'
The number of people losing their homes after failing to meet their mortgage repayments has almost doubled, the UK's financial watchdog has said.
The number of possession orders granted by courts in the third quarter of 2008 was 13,161, up 92% from a year earlier.
Posted by phdinbubbles @ 01:31 PM (1166 views) Add Comment
14 Comments
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1. Jacket said...
These figures are for the 3rd quarter of 2008. Why does it take almost 4 months to publish these figures? They should be available within days of the end of each quarter.
2. Hiccup said...
You only get half the story with this article. The bbc neglect to tell you that around a third to a half of these repo's are cancelled on the day of repossesion. Hardly inspires confidence in them.
3. paul said...
The BBC can't even bring themselves to say the word 'repossession'!
4. justwatching said...
My thoughts also.
5. Browneconomy said...
I have sympathy for all those who bought say 5 years ago with a sensible LTV & who have lost their job / been ill etc
I have NO repeat NO sympathy for those who bought a couple of years ago with high LTV, remortgaged a year later (larger loan) to "invest" in their asset (by which I mean they pissed the money up against the wall) , have car loans credit card debt etc.
Why can't the BBC tell it as it is:
The majority of those who are repossed are (I am afraid) in the second catagory - for these people an early repossession is better than continuous delusion that things will get better
6. bystander said...
Anyone catch the NAEA announcement earlier today - apparently the asking prices for terraced houses rose from 149K to 151K in December. Now I know asking prices and sold prices are/or can be vastly different, but this will just ensure that vendors who have decided to rent their properties out will continue to do so and those whose properties are for sale will remain stubborn. Who can blame them when their 'profits' will be worth sod all and their debts likewise. This government has spent the last ten years indebting or robbing the next generation and my generation and now does exactly the same thing, but this time everyone is worse off, unless of-course you have shorted UK PLC and the people of 'Great' Britain. My savings, put aside to be able to at last potentially by a family home have been devastated by sh*te returns, and now I find I could potentially have to enter a bidding war with one of my european, US or Japanese cousins who now have much greater spending power than I do. Congratulations GB and the denizens of NuLab, you have shafted us all. I am livid. And just to be a bit controversial, if you cannot make repayments on a car,TV etc. they come and take it away, a hosue/mortgage is no different. Read the small print before entering into any financial agreement and ALWAYS budget for the worst case scenario. IMHO.
7. bystander said...
'by' should be 'Buy' and 'Hosue' should be 'house'.
8. rm96696 said...
Probably one of the reasons the government wants to take control of the banks is to avoid reposessions and prop up the property bubble.
9. justwatching said...
Not controversial bystander
I was watching an interview on sky news with a repossession 'victim'. Does this not imply he was wronged?
What would the correct term be?
10. mark wadsworth said...
Justwatching, the correct term is "reckless borrower"
11. rm96696 said...
Isn't it interesting how people who borrowed recklessly to gamble on property prices are portrayed as victims?
12. phdinbubbles said...
If I decided to rent out the biggest house I could find and spent all my spare money on plasma-screen tellies, etc, such that I wasn't able to save any money, but then struggled with paying the rent and got kicked out after a couple of years, how much symapthy would I get from the media? None. If I did the same but spent the same money every month on a mortgage then I would be a hard-working homeowner, victim of circumstances beyond my control and greedy bankers. Can't remember many stories about hard-working renters forced to pay someone else's mortgage because garden sheds cost 500k.
13. bystander said...
spot on phdinbubbles - elloquently put.
14. jackas said...
Here here phd