Tuesday, October 28, 2008
House prices down – repossessions up
The number of people losing their homes after failing to meet their mortgage repayments climbed sharply, says the UK's financial watchdog. The number of repossessions in the second quarter of the year was up 71% compared with the same period a year earlier, at 11,054. The Financial Services Authority said the number of consumers struggling to clear their home loan arrears was up. This comes after the Bank of England predicted more woe for homeowners.