Home repossessions rise to 40,000

Cat695

chucky wrote: »

so you are saying that the housing situation is not worse than 1991 then

After one year I guess not...so not all doom and gloom just yet

Thrugelmir

Cat695 wrote: »

maybe of interest to some

As Ad said.....its the last quarter of 2008 where is really kicked off

London: 3,751 (up 18%)
Midlands: 5,843 (up 19%)
North East: 4,356 (up 17%)
North West: 4,297 (up 8%)
South East: 4,855 (up 10%)
South West: 2,378 (up 20%)
Wales: 1,770 (up 1%)

Source: Ministry of Justice
All figures are for last three months of 2008 compared with the same period a year earlier

Was Wales only up 1% ?

ukcarper

Mortgage rates 1991 11.5 % to 13.75% imagine that now

chucky

ukcarper wrote: »

Mortgage rates 1991 11.5 % to 13.75% imagine that now

it's all relative - mortgage amounts are much larger now too.

once you drill down to mortgage affordability for both periods it gives a better picture; similar to an extent.

Graham_Devon

chucky wrote: »

Not trying to dilute that it is not a bad news (because it is serious) but wanted to add a bit of perspective to the repossessions number for 2008. They were 40,000 for 2008;in 1991 they were 75,000.

That's 50% less and much, much less than 1% of mortgaged properties for 2008

"Repossessions jumped from under 16,000 in 1989 to more than 75,000 at their worst in 1991, nearly 1% of all mortgaged properties."
http://www.guardian.co.uk/business/2007/dec/05/housingmarket.banking

Either we haven't reached the peak and there is more to come or things are bad but not as bad as people try to portray them.

i'll leave that up to you to decide, depending on your own agenda

Not trying to dilute your post. But 1991 was the worst year of that particular time, and the results above do not indicate the worst year in this particular time, infact far from it, the year it started.

So you are comparing the worst figures in that given period and stating were better off in this one based on the figures, which include figures before it all actually started to collapse.

People weren't trying to portray them in any way, just that they were up. You portrayed them, by comparing them to a worst year of a particular time.

Its the same as me taking the uprising knife crime figures and saying it's ok, 10,000 more people were killed by a knife this year, and rising. But hey, in America 50,000 people got shot. So it's ok.

Better to wait until the bust is over, to compare the same figures rather than comparing 2 sets of completely different figures.

JayScottGreenspan

Graham_Devon wrote: »

Not trying to dilute your post. But 1991 was the worst year of that particular time, and the results above do not indicate the worst year in this particular time, infact far from it, the year it started.

So you are comparing the worst figures in that given period and stating were better off in this one based on the figures, which include figures before it all actually started to collapse.

People weren't trying to portray them in any way, just that they were up. You portrayed them, by comparing them to a worst year of a particular time.

Its the same as me taking the uprising knife crime figures and saying it's ok, 10,000 more people were killed by a knife this year, and rising. But hey, in America 50,000 people got shot. So it's ok.

Better to wait until the bust is over, to compare the same figures rather than comparing 2 sets of completely different figures.

Wise words mate.

chucky

Graham_Devon wrote: »

Not trying to dilute your post. But 1991 was the worst year of that particular time, and the results above do not indicate the worst year in this particular time, infact far from it, the year it started.

So you are comparing the worst figures in that given period and stating were better off in this one based on the figures, which include figures before it all actually started to collapse.

People weren't trying to portray them in any way, just that they were up. You portrayed them, by comparing them to a worst year of a particular time.

Its the same as me taking the uprising knife crime figures and saying it's ok, 10,000 more people were killed by a knife this year, and rising. But hey, in America 50,000 people got shot. So it's ok.

Graham - I uderstand that you are trying to pick holes in the post only because it may have looked like it had some positive message in there.

If I compared the FTSE to Property Repossessions you can and would be able to compare knife crime to shooting statistics.

All I can do is compare what numbers that we have available; I don't seem to be able to get my hands on the future 2009 repossession figures at the moment

I've provided additional information so that people can make their own mind up of the current situation. That is why I left the comment "i'll leave that up to you to decide, depending on your own agenda" for those who would deliberatly look at the negative gloom and doom side.

Graham_Devon

I wasn't picking holes. You stated it depends on peoples agendas. I just said the two sets of figures you are comparing are not the same figures.

You said you didnt want to dilute, but wanted to add some perspective. The perspective you added was a major twist on figures.

I'm also not picking holes because of a positive message. I'm picking up the completely obvious because your analysis is completely wrong!

You have reffered to doom and gloom mongers again. It seems to be the "way out" of anything you have said. You can say something completely wrong, and then accuse anyone picking it up, as you did me, as someone looking for doom. Again, completely wrong, I'm not looking for doom, but I'm also not looking for fairy tales and twsited figures to make everyone think the world is rosy and blindly lead them into something.

chucky

Can you provide us the 2009 Repossession figures so we can do a like for like comparison then?

No - i didn't think so...

ukcarper

chucky wrote: »

it's all relative - mortgage amounts are much larger now too.

once you drill down to mortgage affordability for both periods it gives a better picture; similar to an extent.

That's the point house prices have no real efect on weather you can afford your Morgage. If you lose your job or interest rates start to increase thats when you are in trouble and rising interest rates were part of the problem in 1991.