Tuesday, Mar 17, 2009
Excellent bear porn
Metro: Homeowners rocked by 68% rise in repossessions
"The number of repossessed homes soared by 68% last year as the economic downturn left many people struggling to pay their mortgage, figures showed today. A total of 46,750 properties were repossessed by lenders during the year, up from 27,900 in 2007, City watchdog the Financial Services Authority said. There was also a steep jump in the number of people who fell behind with their mortgage repayments during the final quarter of the year." Assuming those three-times-salary rumours are correct, who on earth is going to buy them?
Posted by mark wadsworth @ 12:28 PM (384 views) Add Comment
3 Comments
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1. Sybil13 said...
So I wonder what was wrong with the unregulated lending practices up to 2007? Perhaps that is why the FSA are bringing in regulation of 3x's income to ensure property prices fall in line with wages and then remain more affordable than they have been for the past decade leading to the banks going broke and the UK bankrupt!
2. Sybil13 said...
Could this be the reason the Uk cannot afford to continue to lend at the irresponsible levels it was lending at?
I am not sure it WAS the "economic downturn that left many people struggling to pay their mortgages".
Wasn't it the irresponsible lending levels on property 120% LTV+ 5 x's income etc that led to the economic downturn or indeed
the UK going bankrupt? People were STRUGGLING to pay their mortgages as the banks were struggling to fund them (borrowing 6 billion from overseas in 2001 and 750 Billion in 2007 to finance the ever expanding mortgage market), LONG before the banks and country and borrowers went bankrupt!
3. watchingthewheels2 said...
I wonder where all these people are going to live.........will they rent from the glut of buy-to-let properties available or will they go bankrupt and end up in homeless shelters waiting for the council to home them.