repossessions predicted this year will reach about 75,000.

novazombie

We havent seen anything yet. Unemployment predicted to be 3mill. Reposs predicted to go up to 75k.


"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/2...market.banking

If you read further down the link

Despite the recession, the CML said this was fewer than it had originally predicted, but it expects repossessions this year will reach about 75,000.


This will mean auctions flooded and only the very best places will actually sell and then for maybe 50% down from todays prices.

wymondham

As unemployment starts to spiral, so will repossesions. I think 75,000 is on the low side. Government intervention to help people keep their homes is late and I think doomed to fail going on previous attempts (Gordon has the midas touch in reverse!). Still, at least it's spring and the nights are drawing out - hopefully the summer will be long and hot so we will be able to fill our newly found spare time doing outdoor activities!

zedyy

I'm hoping to snap one up

chucky

http://www.cml.org.uk/cml/media/press/2108

• 5,000 fewer repossessions than forecast in 2008
• 40,000 repossessions in the year - 1 in 290 mortgages
• 10,400 repossessions in the fourth quarter - 1 in 1,100 mortgages
• 1 in 64 mortgages in arrears of 2.5% or more
• 1 in 53 mortgages in arrears of three months or more (inflated by lower interest rates)
• 75,000 repossessions forecast for 2009 remains unchanged.

would like to see this compated to 1990 and 1991
different factors and causes to the economic climate but would be interesting to see - for example:

• 6% were in arreas in 1990 compared to 2.5% now

looking at just one year (2008) isn't the best way to compare looking at 1990 and 1991 numbers

pickles110564

novazombie wrote: »

We havent seen anything yet. Unemployment predicted to be 3mill. Reposs predicted to go up to 75k.


"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/2...market.banking

If you read further down the link

Despite the recession, the CML said this was fewer than it had originally predicted, but it expects repossessions this year will reach about 75,000.


This will mean auctions flooded and only the very best places will actually sell and then for maybe 50% down from todays prices.

Dream Dream Dream

novazombie

pickles110564 wrote: »

Dream Dream Dream

So you dont think it will be 75K repos this yr?

Care to give reasons?

I actually think it will be more and the years after double these amounts.

ad9898_3

I believe Brown's exact words in '97 whilst standing at the despatch box in the House of Commons were.....

' I will not allow house prices to get out of hand and destabilise the economy '

This is exactly what he has allowed to happen, so although he has pumped money into NR yesterday to help slow down repo's, he bares some responsibility for many who are losing their homes now.

He set fire to the house, ran away, then turned up with a hose, hoping for a pat on the back.

Reaper

novazombie wrote: »

So you dont think it will be 75K repos this yr?

Care to give reasons?

Well... the 75,000 figure comes from the CML so let's look at their record:

2007: Their prediction was 10% over the top
2008: Their prediction was 12.5% over the top

They have been over estimating the problem so far in the downturn, and have left their 2009 predication unchanged despite these latest figures.

I'm not saying I know what they will be, just that these guys are no better at guessing than we are.

ManAtHome

novazombie wrote: »

So you dont think it will be 75K repos this yr?

Care to give reasons?

Plenty of future taxpayer dosh to defer repo's until sometime after polling day?

for AD - Troosers 1997 - puhhh.. "a weak currency is the sign of a weak economy, caused by a weak government" (Troosers 1992). Mind you, we probably didn't have Globals in them days...

scousethife

Hasnt anyone argued repos are against hoooman rights yet?

Darth_Marty

"This will mean auctions flooded and only the very best places will actually sell and then for maybe 50% down from todays prices"


Is that what it means is it?

Oh dear, a little knowledge is a terrible thing...............