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The Council of Mortgage Lenders has cut its forecast for the number of homes expected to be repossessed in 2009.

The lenders' group predicted that 65,000 homes would be repossessed this year, 10,000 fewer than the estimate it made in December.

The figure would still mark a sharp rise from the 40,000 homes repossessed in 2008.

The change comes as a scheme offering last-gasp free advice in courts about repossessions in England was extended.

http://news.bbc.co.uk/1/hi/business/8112465.stm

Only 65k doesn't sound that bad some bears were predicting over a million LOL.

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BREAKING NEWS ON SKY NEWS TICKER: HOME REPOSSESSIONS UP BY 62% IN FIRST QUARTER YEAR ON YEAR

Welcome to the recovereh!

Edited by Kazuya

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The Council of Mortgage Lenders has cut its forecast for the number of homes expected to be repossessed in 2009.

The lenders' group predicted that 65,000 homes would be repossessed this year, 10,000 fewer than the estimate it made in December.

The figure would still mark a sharp rise from the 40,000 homes repossessed in 2008.

The change comes as a scheme offering last-gasp free advice in courts about repossessions in England was extended.

http://news.bbc.co.uk/1/hi/business/8112465.stm

Only 65k doesn't sound that bad some bears were predicting over a million LOL.

We are busy deferring the problem, not reducing or removing the problem. Those with sound finances are paying for it in future taxes. The moral hazard of bailing out the market will haunt us - it is already being seen with thousands of hapless unencumbered people being sucked into the market for the first time.

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Guest Parry

http://allrecipes.com/Recipes/Drinks/Smoothies/Main.aspx

All Round Good Smoothie

INGREDIENTS (Nutrition)

* 1/2 cup nonfat milk

* 1/2 cup fat-free plain yogurt

* 1/2 frozen banana, peeled and chopped

* 2 tablespoons powdered protein supplement

* 1 1/2 tablespoons flax seed

* 1 teaspoon honey

* 1/2 cup frozen strawberries

DIRECTIONS

1. In a blender, blend the milk, yogurt, banana, protein supplement, flax seed, honey, and strawberries until smooth.

Edited by Parry

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Dont they mean

"F**king hell, interest rates at 0% and still 65000 people are being repo'd"

Image what it would have been if interest rates were at 10 % and the banks werent robbing us blind !!!

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The Council of Mortgage Lenders has cut its forecast for the number of homes expected to be repossessed in 2009.

The lenders' group predicted that 65,000 homes would be repossessed this year, 10,000 fewer than the estimate it made in December.

The figure would still mark a sharp rise from the 40,000 homes repossessed in 2008.

The change comes as a scheme offering last-gasp free advice in courts about repossessions in England was extended.

http://news.bbc.co.uk/1/hi/business/8112465.stm

Only 65k doesn't sound that bad some bears were predicting over a million LOL.

so a rise of 25k this year inspite of rates being dumped to 0.5%. They may have reduced their guess by 10k but I fail to see anything bullish here. What happens to their guess when rates go up? I am guessing that when the base rate goes up very few lenders will be dragging their heels to pass it on, unlike when rates were cut.

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Dont they mean

"F**king hell, interest rates at 0% and still 65000 people are being repo'd"

Image what it would have been if interest rates were at 10 % and the banks werent robbing us blind !!!

Imagine. :)

Chocolate teapot production is up too.

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so a rise of 25k this year inspite of rates being dumped to 0.5%. They may have reduced their guess by 10k but I fail to see anything bullish here. What happens to their guess when rates go up? I am guessing that when the base rate goes up very few lenders will be dragging their heels to pass it on, unlike when rates were cut.

http://www.goodtoknow.co.uk/food/171663/De...ith-superfruits

Detox cocktail with superfruits

6 fresh blueberries

6 redcurrants

Dash of spiced berry cordial

Fresh lime

Pomegranate juice

1. Blend the blueberries and redcurrants first, add in a dash of spiced berry cordial and balance with fresh lime and pomegranate juice served on the rocks in a highball.

2. Garnish with blueberries and redcurrants.

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so a rise of 25k this year inspite of rates being dumped to 0.5%. They may have reduced their guess by 10k but I fail to see anything bullish here. What happens to their guess when rates go up? I am guessing that when the base rate goes up very few lenders will be dragging their heels to pass it on, unlike when rates were cut.

Sentiment is a bitch.

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The Council of Mortgage Lenders has cut its forecast for the number of homes expected to be repossessed in 2009.

The lenders' group predicted that 65,000 homes would be repossessed this year, 10,000 fewer than the estimate it made in December.

The figure would still mark a sharp rise from the 40,000 homes repossessed in 2008.

The change comes as a scheme offering last-gasp free advice in courts about repossessions in England was extended.

http://news.bbc.co.uk/1/hi/business/8112465.stm

Only 65k doesn't sound that bad some bears were predicting over a million LOL.

I don't remember anyone predicting a million. That would mean a complete collapse of the housing market and would be impossible anyway, you wouldn't get that many through the courts.

65,000 is still an awful lot of houses, which should help continue the fall in prices. I think changing their estimate in a 'sring bounce' is very poor methodology, I expect things will get a lot worse come the winter and then we will see how things are panning out.

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Gordon's plan: Defer everyone's repossession for two years. Therefore it becomes someone else's problem.

Gordon knows that. He doesn't want to go down in history as the man who caused 500'000 repossessions, he'll try to bundle them all onto someone else's watch, whoever it is and whatever party they represent, sl long as he's not there when it goes wrong.

DC will be in charge when the repossessions peak.

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Gordon's plan: Defer everyone's repossession for two years. Therefore it becomes someone else's problem.

Gordon knows that. He doesn't want to go down in history as the man who caused 500'000 repossessions, he'll try to bundle them all onto someone else's watch, whoever it is and whatever party they represent, sl long as he's not there when it goes wrong.

DC will be in charge when the repossessions peak.

It was 75,000 at the peak in the 90's debacle.

This 65,000 is just the start. Yes, good post, that's how I see it.

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Gordon's plan: Defer everyone's repossession for two years. Therefore it becomes someone else's problem.

Gordon knows that. He doesn't want to go down in history as the man who caused 500'000 repossessions, he'll try to bundle them all onto someone else's watch, whoever it is and whatever party they represent, sl long as he's not there when it goes wrong.

DC will be in charge when the repossessions peak.

it was 75,000 at the peak in the 90's debacle.

This 65,000 is just the start. Yes, good post, that's how I see it.

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The Council of Mortgage Lenders has cut its forecast for the number of homes expected to be repossessed in 2009.

The lenders' group predicted that 65,000 homes would be repossessed this year, 10,000 fewer than the estimate it made in December.

The figure would still mark a sharp rise from the 40,000 homes repossessed in 2008.

The change comes as a scheme offering last-gasp free advice in courts about repossessions in England was extended.

http://news.bbc.co.uk/1/hi/business/8112465.stm

Only 65k doesn't sound that bad some bears were predicting over a million LOL.

Ahhhhh... Rizo :rolleyes:

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Gordon's plan: Defer everyone's repossession for two years. Therefore it becomes someone else's problem.

Gordon knows that. He doesn't want to go down in history as the man who caused 500'000 repossessions, he'll try to bundle them all onto someone else's watch, whoever it is and whatever party they represent, sl long as he's not there when it goes wrong.

DC will be in charge when the repossessions peak.

+500,000 ;)

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We are busy deferring the problem, not reducing or removing the problem. Those with sound finances are paying for it in future taxes. The moral hazard of bailing out the market will haunt us - it is already being seen with thousands of hapless unencumbered people being sucked into the market for the first time.

+1

So only around 70,000 houses repossessed 2009 but how many 2010? 200,000? 250,000?

It will be much higher than 2009 for sure. What good is deffering the inevitable? and what extra damage will it cause to the economy?

I would suggest REPOSSESSION RISK BEING WELL UNDERESTIMATED

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The Council of Mortgage Lenders has cut its forecast for the number of homes expected to be repossessed in 2009.

The lenders' group predicted that 65,000 homes would be repossessed this year, 10,000 fewer than the estimate it made in December.

The figure would still mark a sharp rise from the 40,000 homes repossessed in 2008.

The change comes as a scheme offering last-gasp free advice in courts about repossessions in England was extended.

http://news.bbc.co.uk/1/hi/business/8112465.stm

Only 65k doesn't sound that bad some bears were predicting over a million LOL.

Surely they just say what Gordon tells them to these days?

In our world, not everyone thinks things are as rosey: http://www.guardian.co.uk/money/2009/jun/2...uses-buy-to-let

Repossession is clearly big business­ – and getting bigger. Last year 40,000 UK families and individuals were forced to hand their keys to their mortgage lender and, this week, leading economist Ian Shepherdson predicted repossessions will jump to between 100,000 and 120,000 per year by 2011, as levels of unemployment increase and people's incomes become squeezed.

Shepherdson's forecast was made at the Chartered Institute of Housing's annual conference in Harrogate.

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