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Home Repossession Orders Down 28 Percent Y/y In Q3

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http://uk.finance.yahoo.com/news/home-repossession-orders-down-28-percent-y-y-in-q3-reuters_molt-ab53fd13265b.html?x=0

Home repossession orders down 28 percent y/y in Q3
9:44, Thursday 11 November 2010
LONDON (
Reuters
) - Courts in England and Wales issued 28 percent fewer mortgage repossession orders between July and September this year than a year ago, the Ministry of Justice said on Thursday.
There were 14,138 orders for home repossession according to seasonally-adjusted third-quarter data, down from 19,545 a year ago but 5 percent more than the 13,525 orders made between April and June.
However, 47 percent of the orders were suspended, slightly higher than the previous quarter,
meaning the total number of actual home repossessions is likely to be lower.
Low interest rates for existing home owners and a surprisingly resilient labour market to date have so far prevented repossessions surging in the way they did after Britain's previous recession in the early 1990s.

Banks have been told not to exacerbate an already dire situation IMO. They have seen what happens when reality strikes in the US market where those who could not afford their homes had to leave their homes.

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CML says Q3 home repossessions at 2-1/2 year low

9:44, Thursday 11 November 2010
LONDON (
Reuters
) - The number of homes repossessed by lenders in Britain fell to 8,900 between July and September from 9,400 in the second quarter of this year, the lowest in 2-1/2 years, the Council of Mortgage Lenders said on Thursday.
That was the fourth consecutive quarterly decline and 27 percent down from the 12,200 repossessions made a year ago.
The CML said that repossessions in the first nine months of this year totalled 28,400, trending below its forecast of 39,000 for the year as a whole.
"Despite the severity of the economic slowdown, and the likelihood of only a slow and protracted recovery, a combination of low interest rates and the commitment of borrowers, lenders, the government and debt advisers has helped to keep mortgage payments problems in check so far," said CML director general Michael Coogan.
"But we cannot take falling arrears and possessions for granted, and the
recent welcome trend may reverse
."

Slightly different spin from CML with a little tickle in the tail

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Yeah but, not but......:

http://www.dailymail.co.uk/news/article-1328620/One-homeowners-struggling-pay-mortgage.html

One-in-five homeowners struggling to pay mortgage
By Daily Mail Reporter
4:03 AM on 11th November 2010
The number of people struggling to pay their mortgage has nearly doubled during the past year, a housing charity said today.
Almost a fifth of homeowners said they now faced a constant struggle to keep up with their home loan repayments, up from just 10 per cent a year earlier, according to Shelter.
The group warned that the situation was likely to get worse going forward as interest rates rise, unemployment increases and inflation remains high.

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These numbers will surely rise now that jobs are actually being cut along with the SMI reduction and the two year limit kicking in on January 5th. I expect Q4 will be slightly higher with Q1 2011 when the fun starts.

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).5% interest rate keeping people in houses they cant afford.

Worst still, 0.5% ineterest rates encouraging idiots to buy houses they wouldnt normally be able to afford.

Eventually when interest rates have to go up both these 2 facts will have a dramatic impact on the housing market.

Meanwhile...Frugal grannies everywhere who scrimped and saved for 40 years and having their savings pinched and can't afford to eat.

What a great society we live in....Well done the bankers.

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).5% interest rate keeping people in houses they cant afford.

Worst still, 0.5% ineterest rates encouraging idiots to buy houses they wouldnt normally be able to afford.

Eventually when interest rates have to go up both these 2 facts will have a dramatic impact on the housing market.

Meanwhile...Frugal grannies everywhere who scrimped and saved for 40 years and having their savings pinched and can't afford to eat.

What a great society we live in....Well done the bankers.

The banksters are the only segment of society to have reaped any benefit from the debt bubble of the Brown years. There have been a few feeders who have tagged along such as the banking lawyers, a few accountants and a small number of EAs who cashed in before the slump showed its first signs of happening. All in all, I suspect fewer than 10,000 people have benefited in any significant way.

We have all been robbed. No, we are BEING robbed.

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).5% interest rate keeping people in houses they cant afford.

Worst still, 0.5% ineterest rates encouraging idiots to buy houses they wouldnt normally be able to afford.

Eventually when interest rates have to go up both these 2 facts will have a dramatic impact on the housing market.

Meanwhile...Frugal grannies everywhere who scrimped and saved for 40 years and having their savings pinched and can't afford to eat.

What a great society we live in....Well done the bankers.

the only problem is , what if IR do not go up. and stay at 0.5% for years and years, last year they were saying they will go up this year, now they are saying end of 2011, we may never see 5% again,

until IR start going up i do not think there will be massive falls in house prices, there will be some good 10% falls, but not the 40-50% we need , hope i am wrong though

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Frugal grannies who can't afford to eat, or greed obsessed boomers?

Meanwhile homeowners are all sheep and idiots with 200% negative equity, except when they're tyrannical parasites with pockets stuffed full of ill gotten cash.

I wish you lot would get your prejudices aligned correctly. Apart from your earnest desire to see most of the public sector out of work you are all over the shop.

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  • 261 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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