Friday, November 21, 2008
More downward pressure on residential house prices
The number of properties repossessed by mortgage lenders rose by 12% to 11,300 in the third quarter of the year, the Council of Mortgage Lenders (CML) said. The number of borrowers in arrears also went up compared with the previous quarter, by 8% to 168,000. The number of repossession orders made by the courts in England and Wales rose by 3% to 29,516 in the same period. The figures suggest that many more people are likely to lose their homes as the economy falls into recession.