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Laura

Less Repos In Last 3 Months Than Last Year

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Not seen this site before, but as I have never taken on a property loan I couldn't afford to repay why would I have?

http://www.stop-repossessions.co.uk/news/2010/Aug/orders-for-repossession-decline-98124548.html

There were 29 per cent fewer mortgage repossession orders in the period from April to June than 12 months ago.

This is the latest claim from the Ministry of Justice.

13,389 orders for home repossession were granted, as per seasonally-adjusted second-quarter data.

This means orders for repossession decreased from 18,813 12 months ago and 7 percent fewer than the 14,385 orders which were made during the period from January to March.

The same percentage of orders, 46 per cent, were suspended as in the previous quarter, which equates a lower number of actual home repossessions .

The first quarter of 2010 saw just 9,800 properties being repossessed .

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A repo just appeared on my local search for 74k - they paid 94k in 2008.

So it's still 40k too much

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How do you know it is a repro?

'Made in China' on the frame?

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Not seen this site before, but as I have never taken on a property loan I couldn't afford to repay why would I have?

http://www.stop-repossessions.co.uk/news/2010/Aug/orders-for-repossession-decline-98124548.html

Again, this bit of 'improving news' is historical. It reflects the great Brown printy printy pre-election session and not the underlying problem. Interest rates fell to a several centuries low and for a few fleeting seconds it looked as if the property market would continue its gravity defying path - not ever in my view, but thought this. BUT it won't and it can't. Mortgage approvals have fallen for 3 months or more. Prices have started to fall in most places. Confidence is waning, the cuts are coming and repossessions will resume an upward trajectory within a short time, if they have not already begun.

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Again, this bit of 'improving news' is historical. It reflects the great Brown printy printy pre-election session and not the underlying problem. Interest rates fell to a several centuries low and for a few fleeting seconds it looked as if the property market would continue its gravity defying path - not ever in my view, but thought this. BUT it won't and it can't. Mortgage approvals have fallen for 3 months or more. Prices have started to fall in most places. Confidence is waning, the cuts are coming and repossessions will resume an upward trajectory within a short time, if they have not already begun.

Yes, most repo claims these days are on mortgages that didn't have a big drop in rates. The system is on life support, and I expect that will continue for years.

Don't mind the possession order figures - too much manipulation by state banks and judges - the real figure to look for is mortgages in default.

ps. the Stop Repossessions site looks commercial to me - anyone want to fill in contact details and see what spiel they provide?

Edited by okaycuckoo

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  • 146 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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