music man Posted February 16, 2006 Share Posted February 16, 2006 As I didn't. http://today.reuters.co.uk/news/NewsArticl...umber=1&summit= 'economists said the number of repossessions or forced sells, accounted for a very small proportion -- around four or five percent -- of overall housing market activity' It seems a lot to me, what do other people think? Also if this doubles, which it could easily do then cheap housing for all. Well, I am allowed to dream. Can you imagine 10% of all house sales as repossessed, there looks like a market for us here chaps, crash or not what will they do with all the repos. Quote Link to comment Share on other sites More sharing options...
Jason Posted February 16, 2006 Share Posted February 16, 2006 (edited) Wow, that is far higher than I first thought. Edited February 16, 2006 by Jason Quote Link to comment Share on other sites More sharing options...
Elizabeth Posted February 16, 2006 Share Posted February 16, 2006 This is HUGE. Hate to be a carrion... but hell, thats the human condition, I live in the real world... where do we get hold of the repos? Quote Link to comment Share on other sites More sharing options...
Guest wrongmove Posted February 16, 2006 Share Posted February 16, 2006 During the last crash (which in nominal terms was the only crash since the depression), repos were about 8.5 times higher than now (0.77% of mortgages, compared to 0.09% now, CML figures). Extrapolating from the figure of 4-5% in the OP, that implies that about 35-40% of sales were repos - probably more as volumes would have been low as prices fell. So some way to go yet..... This is HUGE. Hate to be a carrion... but hell, thats the human condition, I live in the real world... where do we get hold of the repos? Unfortunately, at the moment you will have to pay OMV at auctions for the repos. There are always repos to be had (death, debt, divorce etc.), usually far more of them than now. But in a bouyant market the lender can just sell them for market value. Quote Link to comment Share on other sites More sharing options...
DavidGold Posted February 16, 2006 Share Posted February 16, 2006 I'm not sure if that figure covers reposessions only, or other 'forced' sales from emmigration, job relocation, divorce etc. etc. as well. Quote Link to comment Share on other sites More sharing options...
apom Posted February 16, 2006 Share Posted February 16, 2006 As I didn't. http://today.reuters.co.uk/news/NewsArticl...umber=1&summit= 'economists said the number of repossessions or forced sells, accounted for a very small proportion -- around four or five percent -- of overall housing market activity' It seems a lot to me, what do other people think? Also if this doubles, which it could easily do then cheap housing for all. Well, I am allowed to dream. Can you imagine 10% of all house sales as repossessed, there looks like a market for us here chaps, crash or not what will they do with all the repos. Isn't FTB activity at about 7%? Quote Link to comment Share on other sites More sharing options...
Guest wrongmove Posted February 16, 2006 Share Posted February 16, 2006 Isn't FTB activity at about 7%? Depends who you ask. The CML reckon it was 39%, Q4 2005 (CML publishes data from the new regulated mortgage survey) I think the 7% figure came from the NAEA - but who on this board believes estate agents (except when they are bearish ) Quote Link to comment Share on other sites More sharing options...
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