Friday, May 15, 2009
Another write up of the same press release, but good stuff nonetheless...
Metro: Dramatic rise in home repossessions
The number of people who lost their homes has soared by more than 50% during the first quarter of the year. A total of 12,800 properties were repossessed by first-charge lenders during the three months to the end of March, up from 8,500 a year earlier and 10,400 during the previous quarter, according to the Council of Mortgage Lenders. But despite the steep jump in people losing their homes, the group said its forecast of 75,000 repossessions during 2009 now looked pessimistic, and it expects to revise the figure ... The CML figures showed that buy-to-let investors were continuing to experience high levels of repossessions... A total of 1,700 landlords had their properties repossessed during the first three months of the year, nearly double the 900 who lost their properties during the sam.
6 Comments
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1. Carrera said...
If the BTL's are getting it in the neck now ... its only a matter of time before their private residence comes up for an order as well ... banks will want their money back - on way or another...
2. denzil said...
I wouldn't regard repossesion and the devastating impact on families as "good stuff". It may very well be true but sad nonetheless...
3. jackas said...
Isn't there around 12,500 first time buyers at the moment?
I see a solution there....
4. Happy Mondays said...
But things won't get bad as the 90's ! it's true i have just seen it on the news...And mp's have decided to be honest & serve the people rather than themselves! Say's chemical Ali..
5. Popeye1 said...
I don't think that this is good stuff. Perhaps economically needed but to describe nearly 13,000 properties repossessed as good defies any compassion. I have next to no sympathy for BTLers but for the average person who has lost their job I can only offer sympathy and my strongest hope that they can get their lives back on track. Despite what many think not everyone is a MEWing 4x4 owner who has squandered all their ill-gotten gains.
Sometimes a little grace and humility are needed.
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