Friday, January 4, 2013

Will foreclosures rise in 2013?

Mortgages: Millions 'Struggle With Payments'

"Almost a million people are resorting to high-interest 'pay day' loans to make ends meet after falling behind on housing payments". says Shelter, and "Nearly eight million people in Britain are struggling to keep up with mortgage or rent payments each month". (...this could be true, I know people struggling to pay rent & mortgages after spending hundreds on cheap Taiwanese Christmas presents for their kids).

Posted by alan @ 12:42 PM (2006 views)
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4 thoughts on “Will foreclosures rise in 2013?

  • Bring on the house price crash.High house prices are disease that have destroyed the UK.The sooner they collapse the better !

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  • crash bandicoot says:

    “But with interest rates at an historic low, how will people cope in the next few years if and when rates go back to where they were before the recession began in 2008?”

    D’you know what, I’ve been thinking just that myself for the last five years. It’s about time that Sky News caught up with me, but anyway what else do they have to say?

    Well mortgage expert Paula John says “For hundreds of thousands of families it’s only the very low mortgage rates that have been keeping the wolves from the door,”

    Say what? But I thought that low mortgage rates offered an excellent buying opportunity as houses only ever *cough* go er, up in value. Fill yer boots and all that. But here is where we separate;

    “I think people are more financially aware now than they were a few years back and what we will see is a mass movement towards fixed-rate mortgages.”

    So financially aware people are going to lock themselves into fixed rate deals that they can only fund with the help of payday loans? Does that mean that the financially unaware are funding their mortgages through the national lottery?

    Almost eight years on from the magic 0.5% interest rate cut that set us on this path, it looks like we will have our own lost decade. I have to put my hand up and say that I was wrong then but at least it looks that I will finally be right sooner rather than later.

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  • UK is a zombie economy.

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  • crash bandicoot: it wasnt 8 years ago that interest rates were cut it was early 2009.

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