Wednesday, January 13, 2010

Repossession Figure ‘is Bogus’


TWICE as many families have lost their home in the recession than official figures suggest, the Tories claim.

Posted by becky @ 10:55 PM (1540 views)
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3 thoughts on “Repossession Figure ‘is Bogus’

  • “Taking sale and rentback properties into account … ”

    For the purpose of counting, they are repossessions. For the purpose of politics, they are still in their own homes. Only the homes are not their own, much like interest only mortgages.

    How do the tories count interest only mortgages?

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  • Is there really so much difference between an interest only and repayment mortgage? You can get reposessed with either. In times of inflation, the amount owed diminishes even with interest only.

    The interesting point to me is that the real level of reposession starts to look a lot more like the last crash, and IMHO we are only part way through the current crash.

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  • mark wadsworth says:

    Yup. Shapps is the caring face of Home-Owner-Ism.

    The only sensible way to avoid large numbers of repo’s is to have low and affordable house prices (and hence low and affordable mortgages), a healthy economy (i.e. not one based on credit and asset price bubbles), full-ish employment and a tax/welfare system that doesn’t discourage people from working.

    But I don’t think that is what he is driving at – what he wants is yet more subsidies and bungs for The Hallowed Home-Owner, to tackle the symptoms, not the cause.

    Also, what Paul & Nubbers said.

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