UK CML says Q4 home reposessions fall 13 pct qq

inspector_monkfish

09:30 11Feb10 UK HOME REPOSSESSIONS 10,200 IN Q4 2009, DOWN 13 PCT VS Q3 - COUNCIL OF MORTGAGE LENDERS

09:31 11Feb10 CML SAYS FORECAST OF 53,000 REPOSSESSIONS IN 2010 MAY BE TOO PESSIMISTIC

09:38 11Feb10 UK CML says Q4 home reposessions fall 13 pct qq

LONDON, Feb 11 - The number of homes repossessed by lenders in Britain fell by 13 percent to 10,200 in the three months to December and is down by 2 percent from the level of a year earlier, the Council of Mortgage Lenders said on Thursday.

There was a 3 percent fall in the number of people who fell behind with their mortgage repayments in the third quarter, with the number of loans in arrears by 2.5 percent or more of the outstanding mortgage balance totalling 188,300.

The CML said that its current 2010 forecasts of 53,000 repossessions and 205,000 cases of arrears now looked too pessimistic, given that unemployment had grown less than it had expected.

doire_2

Repossessions hit 14-year high in 2009


The number of repossessions is still increasing but at a slower rate

The number of people who had their homes repossessed reached a 14-year high during 2009, figures have shown. The Council of Mortgage Lenders (CML) said 46,000 homes were repossessed last year, the highest number since 1995.
That was an increase of 6,000 on the total for 2008, but was lower than the CML's most recent forecast of 48,000.
Lenders took 10,200 properties into possession in the fourth quarter of 2009 - 13% lower than in the third quarter.
That was also a drop of 2% on the last three months of 2008.
In December 2008 the CML had predicted 75,000 homes would be repossessed in 2009.

'Challenging year'
In terms of payment difficulties, 188,300 mortgages ended the year with arrears equivalent to at least 2.5% of the outstanding mortgage balance, the CML said.
This was lower than the total of 195,000 it had anticipated, and 3% lower than at the end of the third quarter of 2009. But it still marked a 3% rise on the end of 2008.
CML director general Michael Coogan said: "The fact that mortgage arrears and possessions did not rise as much as we feared in 2009 is testament to the effect of low interest rates and a great deal of concerted effort by lenders, government and the advice sector to help borrowers to address financial difficulties when they occur."
As a result, the CML said that its current forecast for 2010 of 205,000 arrears cases and 53,000 properties taken into possession may be "a little pessimistic".
However, Mr Coogan added: "We are not out of the woods yet - 2010 will still be a challenging year for many borrowers, and some households will inevitably find their finances being squeezed if and when interest rates do eventually rise."

Really2

doire wrote: »

The number of repossessions is still increasing but at a slower rate


Lenders took 10,200 properties into possession in the fourth quarter of 2009 - 13% lower than in the third quarter.
That was also a drop of 2% on the last three months of 2008.
I

Your article does not agree with you.