Thursday, Feb 11, 2010
The quality of mercy...
CML: Mortgage arrears and possessions declined in fourth quarter of 2009
Mortgage lenders took 10,200 properties into possession in the fourth quarter of 2009 - 13% lower than in the third quarter, and 2% down on the fourth quarter of 2008, according to the Council of Mortgage Lenders. This figure reflects the number of possessions taken by first charge lenders on both home-owner and buy-to-let mortgages.
In 2009 as a whole, this brought the total number of possessions to 46,000. This was lower the CML's most recent forecast of 48,000, and significantly fewer than the 75,000 forecast at the start of the year, but still 15% higher than the 40,000 in 2008.
Posted by dill @ 10:10 AM (448 views) Add Comment
1 Comment
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1. mark wadsworth said...
OK, fun with numbers.
They boast that the number in serious arrears has only gone up 3% (it's now about 188,000) but if they repo'd 46,000 of the 182,000 who were in arrears a year ago, then clearly another 52,000 have gone into arrears (which admittedly is not many out of 11 million mortgage borrowers)