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@contradevian

11,400 Home Reposessions This Quarter

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This fall of repossessions will be used as evidence that the economy is recovering when in reality it is banks holding off repossessing

hoping prices pick up and sellers return.

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A decline apparently.

Up 205,000 mortgages in arrears.

BBC Now

Repossessions DOWN. Now that's a surprise, but explains why prices have held up against all logic. Low IRs must be keeping more people in their homes, as we've discussed at length, strangling supply. Add in the media hype and the mysterious upturn in sentiment from the ephemeral green shoots and the DCB is explained in a nutshell.

Unemployment and rising IRs when they come are the key to this whole game. There will be blood.

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Repossessions are UP not DOWN!

Today's figures show that there were 11,400 cases of possession (equivalent to one mortgage in 1,000) in the second quarter of 2009, 10% fewer than the 12,700 in the first quarter of the year but 14% more than the 10,000 cases of possession in the second quarter of last year.

This is not a 'good news' story. Q2 can't be compared with Q1, is can only be compared with Q2 last year. The headline should be "Repossessions up 14%".

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Repossessions are UP not DOWN!

This is not a 'good news' story. Q2 can't be compared with Q1, is can only be compared with Q2 last year. The headline should be "Repossessions up 14%".

Tell the BBC. They manage to find the silver lining in every bad news story. When the Government changes I suspect this approach will change.

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From the CML link:

"Lenders can only show forbearance if borrowers show a continuing determination to address their problems and discuss them with the lender at the earliest opportunity. So, the key message continues to be to talk to your lender as soon as possible when difficulties emerge and take advice from an independent money adviser if you have other debts as well as your mortgage."

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Repossessions are UP not DOWN!

This is not a 'good news' story. Q2 can't be compared with Q1, is can only be compared with Q2 last year. The headline should be "Repossessions up 14%".

Depends on your view. Reposessions are not up enough to force house prices down at the moment. With these figures there is not going to be a tsunami of repos flooding the market and that is not good news for more HPC.

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Depends on your view. Reposessions are not up enough to force house prices down at the moment. With these figures there is not going to be a tsunami of repos flooding the market and that is not good news for more HPC.

dont worry, the "price" paid for this figure is the government support for people who lose their jobs and get their interest paid up to £200K mortgage.

and the numbers can only be going up as unemployment rises.

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BBC guy "once house prices pick up banks might get more aggressive"

:blink:

prat.

Why? Its true. If people are not paying mortgages, but sitting on equity, what do you think they'll do.

Of course doing that will push house prices back down, but them the breaks.

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Of course doing that will push house prices back down, but them the breaks.

Well that was my point.

However banks will already be stripping defaulting owners of equity with hideous penalty charges. Those are the breaks too I guess.

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Tell the BBC. They manage to find the silver lining in every bad news story. When the Government changes I suspect this approach will change.

Do you really think so? The UKs wealth is part and parcel of the housing market. It will be no different under the tories.

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That chart indicates that the largest problems are in the Labour voting heartlands. When McDoomed sees that I would watch out for some more eye catching initatives "Like all Labour voters get interest free mortages for a year."

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remarkable figures coming from near Brighton where I am when you compare 1989-1994. It does point out that things are nowhere near as bad as they were then ....YET

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