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Realistbear

Repossession Frenzy Continues To Gather Pace

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http://www.metro.co.uk/news/article.html?i...amp;ito=newsnow

Flood homes face repossession
Thursday, August 9, 2007
Homes to be taken back by banks?Victims of this summer's flooding face having their homes repossessed, a charity warned.
Many of those affected will struggle to keep up with their mortgage repayments, Citizens Advice said.
To ease the suffering, it called on lenders to give homeowners who are still out of their damaged properties a payment break.

It won't just be flood victims--how about the victims of the financial markets crash? City types who rely on M&A actvity that is drying up for example? How are they going to make theior payments in the weeks and months ahead?

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http://www.metro.co.uk/news/article.html?i...amp;ito=newsnow
Flood homes face repossession
Thursday, August 9, 2007
Homes to be taken back by banks?Victims of this summer's flooding face having their homes repossessed, a charity warned.
Many of those affected will struggle to keep up with their mortgage repayments, Citizens Advice said.
To ease the suffering, it called on lenders to give homeowners who are still out of their damaged properties a payment break.

It won't just be flood victims--how about the victims of the financial markets crash? City types who rely on M&A actvity that is drying up for example? How are they going to make theior payments in the weeks and months ahead?

Shouldn't "city types" be sitting on huge bank accounts & savings or am I being naive?

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city types will likely be up to their eyeballs in debt as they felt that it was easily paid off with their next bonus.

Ha! Mugs! :lol:

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-Many of those affected will struggle to keep up with their mortgage repayments, Citizens Advice said.

well they should have thought "can we afford insurance AND this nice house ?"

and if not, they should have not bought.

i dont want to 'bale' out flood victims with my taxed earnings while i cant afford my own home.

im not here to provide reassurance for those who took financial risks - and lost.

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Shouldn't "city types" be sitting on huge bank accounts & savings or am I being naive?

I should imagine most of it has gone up one or both nostrils. They'll need what's left for a new septum and/or aluminium bridge.

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Although I don't think a house price crash in the very near future is imminent, all the ducks are lining up to increase the likelihood.

Rising reposessions (as in topic heading) for whatever reasons

Rising interest rates

Supply catching up with demand (still lots of building going on everywhere)

BTL becoming uneconomic?

US housing market in trouble

Add to that current share falls, although it's always possible they could rebound

And if foot and mouth spreads, agriculture and the rural economy will suffer.

The tipping point could be a downturn in manufacturing and service sectors leading to redundancies, short time working

and insecurity.

There are many reasons why people decide not to buy a house but there are really only two reasons why people decide to buy one - either to live in it or as an investment.

Edited by conifer

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Although I don't think a house price crash in the very near future is imminent, all the ducks are lining up to increase the likelihood.

Rising reposessions (as in topic heading) for whatever reasons

Rising interest rates

Supply catching up with demand (still lots of building going on everywhere)

BTL becoming uneconomic?

US housing market in trouble

Add to that current share falls, although it's always possible they could rebound

And if foot and mouth spreads, agriculture and the rural economy will suffer.

Apart from immigration there are no positives left out there for Gordon's HPI-MEW-BTL miracle. And according to recent surveys immigration is now the number one concern--most of us want it to stop.

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Apart from immigration there are no positives left out there for Gordon's HPI-MEW-BTL miracle. And according to recent surveys immigration is now the number one concern--most of us want it to stop.

Hence the (likely) early election, before old Lockjaw's miracle goes completely tits up. :lol:

Edited by Jay76

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Shouldn't "city types" be sitting on huge bank accounts & savings or am I being naive?

If you apply the 80:20 rule

80% upto eyeballs in debt 20% OK.

It will be the newbies who have only experienced prosperity, easy cash and never ending boom. Its the people who remember the last crash and recession who will have a nice nestegg to get over the oncoming crash and recession. Remember 1988 no sniff of recession, never ending property boom spend spend spend.

Edited by joey

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Apart from immigration there are no positives left out there for Gordon's HPI-MEW-BTL miracle. And according to recent surveys immigration is now the number one concern--most of us want it to stop.

Hmmm... you were quite happy to be a migrant worker in the US several years ago. Stop complaining now the shoe is on the other foot.

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Hmmm... you were quite happy to be a migrant worker in the US several years ago. Stop complaining now the shoe is on the other foot.

Although British, I was a permanent resident in the US and had no automatic right of abode such as any citizen of any EU country has here. The US has a lot of space, we don't--we are already overcrowded.

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Although British, I was a permanent resident in the US and had no automatic right of abode such as any citizen of any EU country has here. The US has a lot of space, we don't--we are already overcrowded.

Go back then.

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City types who rely on M&A actvity that is drying up for example? How are they going to make theior payments in the weeks and months ahead?

By trying to sell their second homes/holiday homes. . . into a market where the only buyers would have been people like themselves... and the only potential buyers left are locals who can only scrape together a £35k mortgage.

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Front page of Northampton Chon and Echo today

Homes Misery on Way

2 Repossessions per day in County, and going to get worse.

Local EA very sympathetic, said borrowers should not have stretched themselves :angry:

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Front page of Northampton Chon and Echo today

Homes Misery on Way

2 Repossessions per day in County, and going to get worse.

Local EA very sympathetic, said borrowers should not have stretched themselves :angry:

In other news -

Heroine dealer brings flowers to OD'd junkie's funeral, offers condolences. Family less than amused.

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Was that intended?

Pun not intended. But the idea of floods leading to more reposessions has caused insurers to be awash with claims that began with a trickle and ended with a tidlewave as staff barely kept their heads above water under the deluge of work.

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