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Home Repossessions Fall To Two-Year Low

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Home repossessions fall to two-year low
16:42, Wednesday 23 June 2010
The number of people who lost their home fell to a two-year low during the first quarter of the year, figures show.
A total of 10,500 home owners had their property repossessed during the three months to the end of March, 11pc fewer than during the previous quarter, according to the Financial Services Authority.
There was also a drop in the number of people who fell behind with their mortgage during the period. Around 40,500 people got into arrears during the first quarter, 2pc fewer than during the previous three months.
The fall contributed to a further improvement in the total number of people who were in mortgage arrears for the third consecutive quarter, with 362,000 behind on their home loan, the equivalent of 3.23pc of all mortgage holders.

Recovereh underway? All that debt forgotten as we resume where we left off in 2007....?

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Maybe people are just managing to cut back on other spending and have found they can still pay the mortgage after all?

Being serious now, I think it has a lot to do with ultra low IR, government stimulus and the banks not knowing what to do with the houses even if they did repossess them.

We are going down, its just taking a LOT longer than most of us thought. Me included.!

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