Friday, Jul 21, 2006

Industry is underplaying the number of households getting into difficulty

Firstrung: Repossessions set to double from their 2004 mark

The Council of Mortgage Lenders (CML) predicted repossessions would rise to 12,000 this year, up from 10,310 in 2005, while figures from the Department of Constitutional Affairs (DCA) showed a 29 per cent rise in the number of court actions between quarter one 2005 and quarter two 2006.

Posted by converted lurker @ 12:48 PM (613 views)
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4 Comments

1. paul said...

All we need is that dizzy Sayara Begum from the BBC Showcase example "Debt Diary" to be added to the figures.

Friday, July 21, 2006 01:10PM Report Comment
 

2. Bubbles. . . . said...

This just goes to show affordability is being overstreched in some cases....

Friday, July 21, 2006 10:37PM Report Comment
 

3. talking rot said...

Can some one tell me what happens to houses once they've been repossessed? I assume the lender who has repossessed the house tries to sell it on as quickly as possible to get something of a return. Would the lender use a local estate agent?

Saturday, July 22, 2006 09:32AM Report Comment
 

4. Bubbles. . . . said...

There is only one case I know off. There was this house down the road from us sadly saw the family take all their belongings in a trailer..The house went up for sale, and I immediately made enquiries It was a repossesion. The price that the estate agent was trying to get was 185,000 even though looking at the property it was run down and needed total updating...I viewed it and they said they had already got an offer close to the asking price (what an original estate agent trick) and there was loads of intrest...Obviously the lender had instructed the agent to see how far they could push it on price....A same house in the next road went for 185,000 all done up!!! n e way this house went for 160,000 in the end, but feel sorry for the people in it now, 7 months into it and they still havent moved in as builders they have hired still working on it...
Also houses that are repo's go into property auctions..But prices there have gone way above asking prices as the whole buy cheap do it up fast sell again community are there...

Saturday, July 22, 2006 11:52AM Report Comment
 

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