BBC News: Home repossessions rise by 41%

dudleyboy

Generali wrote: »

Good Lord. That's up 7% in 5 hours! If reposessions keep rising at a rate of 7% every 5 hours, every house with a mortgage in the UK will be reposessed before the end of August!

So it is different this time afterall...

sympatex

havethis1 wrote: »

Really?

If I had a time machine

I'd just bang a quid on the correct lottery numbers one Saturday and made (realised) 14 million quid

haha i would too infact i 'd probably go back in time and acquire the land that became manhatten! however i was trying to keep it in context!

mr.broderick

dudleyboy wrote: »

http://news.bbc.co.uk/1/hi/business/7548877.stm


Surprise, surprise. :rolleyes:

This is exactly why we decided not to buy during the last 5 years. It would seem that common sense prevails after all.

"The sharp rise had been widely expected as an economic slowdown makes it harder for some homeowners to repay mortgages."

The economic slowdown. Of course! And there was me thinking it was the HPI, unaffordability of houses and people who think that "renting is dead money" foolishly taking on more debt than they can afford to repay.

I'd rather pay dead money than be in negative equity or repossessed. So stick that in your pike and smope it.

I had to read that bit seventeen times because i couldn't believe what i was reading. Dudders my friend if you had the opportunity to buy 4/5 years ago and didn't i pity you, you made the wrong decision.

dopester

mr.broderick wrote: »

I had to read that bit seventeen times because i couldn't believe what i was reading. Dudders my friend if you had the opportunity to buy 4/5 years ago and didn't i pity you, you made the wrong decision.

The UK house price time-machine is already hurtling back, and my guess is its taking us back much further than 4 to 5 years. Aren't we already back at 2006 prices.

Dan:_4

dopester wrote: »

The UK house price time-machine is already hurtling back, and my guess is its taking us back much further than 4 to 5 years. Aren't we already back at 2006 prices.

I hope your gonna have the guts to buy this time round dopester.

dudleyboy

mr.broderick wrote: »

I had to read that bit seventeen times because i couldn't believe what i was reading. Dudders my friend if you had the opportunity to buy 4/5 years ago and didn't i pity you, you made the wrong decision.

Brodders, everyone had the opportunity to buy during the last 4/5 years. That was the problem.

The only way I could have "bought" 4/5 years ago was with a 100%+ mortgage and by committing mortgage fraud thanks to the whole lie-to-buy scheme. Wasn't going to happen.

If you knew something back then that the rest of us didn't then I suggest that you should be investigated along with all the others involved in this widespread fraud.

As it happens, I made the right decision for me. I assessed the risks and wasn't willing to accept them. Good job I didn't.

If buying at the top of the market was the right decision for you then who am I to argue.

luvpump

I think someone else pointed out that repo's are still at quite a low level, so a 41% increase from a low starting point may not represent a huge increase, albeit a tragedy for thoes who are inflicted by it ...

dudleyboy

luvpump wrote: »

I think someone else pointed out that repo's are still at quite a low level, so a 41% increase from a low starting point may not represent a huge increase, albeit a tragedy for thoes who are inflicted by it ...

I think the worse is yet to come. We've yet to see the real HPC kick-in and we're not even technically in recession yet.

All of this bleak news is after just 12 months of credit lending being restricted. Wait until all the foreign investors in UK banks want their money back and/or when interest rates shoot up to (almost) double figures as the banks try to recoup their losses from all the BR lie-to-buyers and failed buy-to-lets. Ignore what the BoE decide to do; the banks can set their own rates... and they are.

It's not going to be pretty and I take no pleasure in saying that.

I think the media is currently guilty of talking down the market with sensationalist headlines such as this... but few complained when they were busy talking it up.

If people have overstretched themselves then, I'm afraid, they only have themselves to blame.