Wednesday, December 30, 2009

Happy New Year!

Repossessions

A picture better than a thousand words

Posted by confused76 @ 10:05 AM (2764 views)
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7 thoughts on “Happy New Year!

  • Celebrating repossessions? Nice

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  • little professor says:

    No idea why they felt the need to make the image a pdf file.

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  • source: council of mortgage lenders. Understandable then that the estimated volume for 2010 is a “less worse” increase compared to other months. i.e. they don’t want to suggest there will be far less repos. Given that the glubberment have nearly run out of ways to prevent repos, the chances of the rate of increase coming down in 2010 is IMO zero. I reckon 60k plus.

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  • It does seem a trifle optimistic. I suppose if interest rates remain low banks have a vested interest in not repossessing, since it will harm their balance sheets. But outside factors will surely force an end to extend and pretend this year.

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  • I think the big question is the 1.76%. Is that acceptable?

    Staying with the percentage, what proportion of defaulters will catch up their payments in a few months? I’m surprised that its this low. Obviously the reduced interest rates have helped people in bad situations to keep up their payments.

    Together with low IRs, the government have engineered prices upward, in defiance of all economic fundamentals and have used the media (BBC and Times) to ramp the property market. Without this two pronged attack on falling prices, more people would be in trouble (and banks would suffer further defaults).

    NuLab have kept the plane in the air long enough for over-extended BtL people (and MP’s) to exit the market while prices are still relatively high. Likewise, people who have lost jobs can sell up and realise some equity from their houses and not be forced into a repossession situation. But the figure could turn bad once these market stimulators are disengaged.

    The Gordon Brown machine can’t defy gravity forever. The slight expansion of public sector jobs in 2008/9 can’t be used any longer to absorb unemployment. 2010 will be a challenging year, I think.

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  • With interest-only mortgages, repossessions have not been as high as during the last recession. How long can people stay on an interest only mortgage ?

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  • Fishbone Glover says:

    About 25 years from taking them out? 😉

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