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Sub-prime Carnage In Usa, Reset Bloodbath In Uk

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U.S. Home Foreclosures Jump 90% as Mortgages Reset (Update5)

Bloomberg.com, 27th February 2008

By Sharon L. Lynch

Bank seizures of U.S. homes almost doubled in January as property owners failed to make higher payments on adjustable-rate mortgages.

Repossessions rose 90 percent to 45,327 last month from the same period a year ago, according to RealtyTrac Inc., a seller of foreclosure statistics that has a database of more than 1 million properties. Total foreclosure filings, which include default and auction notices as well as bank seizures, increased 57 percent.

``The most troubling thing is that we are seeing more and more of these properties actually going all the way through the process and going back to the banks,'' Rick Sharga, executive vice president of Irvine, California-based RealtyTrac, said...

Banks may be forced to resell as many as 1 million foreclosed properties this year, adding to a glut of inventory and forcing prices down even further, Sharga said.

It's not just there, it's here.

I got a letter through from Birmingham Midshires this morning saying that my mortgage had gone up from £675 to £755 for my little 2-bed Tyneside shoebox. Suffice to say, I'm moving my mortgage to the One Account because I have high LTV and good stable earnings.

For the 2 million resets due to take place. If each reset adds £75 to the mortgage costs, that's £900 per household per year or a further £1,800,000,000 taken out of the wider economy and placed in the hands of the money lenders. That's equivalent to around 1.5% of the country's GDP.

The country can't afford it. Repossessions left right and centre. Doom around the corner.

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U.S. Home Foreclosures Jump 90% as Mortgages Reset (Update5)

Bloomberg.com, 27th February 2008

By Sharon L. Lynch

It's not just there, it's here.

I got a letter through from Birmingham Midshires this morning saying that my mortgage had gone up from £675 to £755 for my little 2-bed Tyneside shoebox. Suffice to say, I'm moving my mortgage to the One Account because I have high LTV and good stable earnings.

The country can't afford it. Repossessions left right and centre. Doom around the corner.

£755 FOR A 2 BED Tyneside SHOEBOX -- Jeez -- what is the world coming to...... It's total insanity...

Edited by eric pebble

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£755 FOR A 2 BED Tyneside SHOEBOX -- Jeez -- what is the world coming to...... It's total insanity...

It's almost a if some people were stretching the truth in the mortgage business..

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I got a letter through from Birmingham Midshires this morning saying that my mortgage had gone up from £675 to £755 for my little 2-bed Tyneside shoebox. Suffice to say, I'm moving my mortgage to the One Account because I have high LTV and good stable earnings.

You must be mental paying that for a 2 bed shoebox. You could have got a wel appointed luxury executive apartment instead ;)

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  • 298 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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