Saturday, May 16, 2009
"Lenders are acutely conscious that behind the statistics are real people"
Telegraph: Repossessions rise by 50pc
The Council of Mortgage Lenders said that 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. The number of loans with arrears of more than 2.5pc of the mortgage balance rose by 12pc from 182,600 in the fourth quarter of 2008 to 205,300 in the first quarter of this year. That was 62pc up on the 127,000 in the first quarter of 2008. "Lenders are acutely conscious that behind the statistics are real people, many of whom are affected by the economic downturn and its impacts on unemployment, changes in circumstances and inability to refinance. Lenders do not want to repossess if a realistic alternative solution can be found."
2 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. confused76 said...
i am afraid # of repossessions is a lagging indicator of the economy and will peak perhaps in 2010 or 2011
until repossessions come down to the norm, house prices will come down for the forced sales overhang
2. timmy t said...
As discussed yesterday - these numbers exclude BTL where the "repossession" rates are highest, despite not being classed as BTL. That was a clever scheme - do all your mortgages through a Ltd company. If you default, go into liquidation. All you lose is the limitation of your liability - probably £100 - plus a few legal fees. Effectively a non-recourse mortgage - just like the US.