UK repossessions eased in spring

setmefree2

UK repossessions eased in spring

The number of homes repossessed in the UK fell 10% in the second quarter of the year compared with the previous three months, lenders say.
But the 11,400 homes repossessed was a rise of 14% compared with the the same period the previous year, the Council of Mortgage Lenders (CML) said.

http://news.bbc.co.uk/1/hi/business/8199933.stm

skap7309

Bull food - The number of homes repossessed in the UK fell 10% in the second quarter of the year compared with the previous three months, lenders say.

Bear food- But the 11,400 homes repossessed was a rise of 14% compared with the the same period the previous year

Take your pick.

Really2

FallenAngel9898 wrote: »

Still amazing though that they are forecasting repo's at just below the early 90's height when there are,

More two income families now than then.
Mortgage rates are a fraction of what they were then.
Government schemes to help stop repossessions.
Government leaning on state owned banks to go 'easy' on owners in arrears.

You missed out more houses and more people also;)

True reprisentation would be in comparison in %age terms. But i don't know what they are to tell you the truth.

Graham_Devon

Everyone food: It aint great either way that these people were sold down the road of debt they couldnt afford.

chucky

skap7309 wrote: »

Bull food - The number of homes repossessed in the UK fell 10% in the second quarter of the year compared with the previous three months, lenders say.

Bear food- But the 11,400 homes repossessed was a rise of 14% compared with the the same period the previous year

Take your pick.

i can't see neither being Bear or Bull food - they wouldn't really make an impact on house prices and would have done by now.

they could make a dent but very unlikely due to the low volume.

chucky

FallenAngel9898 wrote: »

Although I agree to a certain extent, the actual figures don't make a lot of difference, it's a bit like the unemployment figures (even now over 92% of the working population are working.)

What does make a difference is what it instills in people's minds, how it might change their outlook 'if it were to happen to them'. That particular thought involves a lot more people than it's actually happening to.

it will all depend on the volume of reposessions in that local area to have an impact on house prices.

if a house in your street get's sold for X% amount below market value - it always has some impact.

i'd also question the wuality of reposessions. i'm assuming they're always stripped out of anything of value and this is reflected in the price.

Cannon_Fodder

chucky wrote: »

i'd also question the wuality of reposessions. i'm assuming they're always stripped out of anything of value and this is reflected in the price.

I recognise you are right for a large proportion, even the majority, but sometimes its just a quick way for a reasonable price on a decent house, where the owner has looked after it but hit financial difficulty (presumably);

http://www.manningstainton.co.uk/properties/fea090159/type/sale/view/list/index.html

Thrugelmir

skap7309 wrote: »

Bull food - The number of homes repossessed in the UK fell 10% in the second quarter of the year compared with the previous three months, lenders say.

Bear food- But the 11,400 homes repossessed was a rise of 14% compared with the the same period the previous year

Take your pick.

Neither. My feelings are neutral.

As the number of repossessions will have no impact on the overall level of house prices in the UK.

This a story of misery for 11,400 households. Many of whom should never have been lent money to buy in the first place. If proper regulations were in place.

The cost of these repossessions and the money lost by the lender will be passed to current and future house purchasers. So there are no winners.

chucky

Cannon_Fodder wrote: »

I recognise you are right for a large proportion, even the majority, but sometimes its just a quick way for a reasonable price on a decent house, where the owner has looked after it but hit financial difficulty (presumably);

http://www.manningstainton.co.uk/properties/fea090159/type/sale/view/list/index.html

that looks good. not knowing the area would be very difficult to tell you if it's a good price or not. but as far as condition goes it's v. good.

do you think it will go quickly or will be there for a while?

Dan:_4

FallenAngel9898 wrote: »

Although I agree to a certain extent, the actual figures don't make a lot of difference, it's a bit like the unemployment figures (even now over 92% of the working population are working.)

What does make a difference is what it instills in people's minds, how it might change their outlook 'if it were to happen to them'. That particular thought involves a lot more people than it's actually happening to.

Your right, the figures won't make a lot of difference. Over on HPC yesturday, some were jumping for joy that umeployment had risen to 2.4M. I struggle to understand how this will cause house prices to fall [at least by the amount they are suggesting]. Most of the people hit by unemployment are within the 16-24 age group or on low incomes, so are unlikley to have a mortgage to worry about anyway. For anyone else, there are redundancy payouts, mortgage insurance, people with a low / settled mortgage etc.

People will buy a house when it suits them and if they can afford it, they will pay very little attention to the general economny, debt levels, or any other 'what if's'.

mewbie_2

Dan: wrote: »

People will buy a house when it suits them and if they can afford it, they will pay very little attention to the general economny, debt levels, or any other 'what if's'.

Then those people need their heads examining. I have been more than usually concerned for a couple of years now, since the recession started to bite. Is my work safe? Will it be safe next month? Will the company survive? Will other employment opportunities be available? No way woudl I consider major purchase / life change at present, unless forced, because I do not know what is around the corner.

If there was a time to take stock, save money and be careful then now is that time.