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Repossessions and arrears continue to fall
Rinoa
Posts: 2,701 Forumite
http://imarketnews.com/node/10318
LONDON (MNI) - UK mortgage repossessions and new arrears cases both fell markedly in the fourth quarter, with the housing market recovery apparently helping to avoid defaults, the latest data from the Financial Services Authority shows.
The number of new arrears cases fell 9% on the quarter in Q4 to stand at just 41,000. The FSA noted that new arrears declined quarter on quarter throughout 2009.
The total number of accounts in arrears fell 4% in the fourth quarter to 378,00. The proportion of the residential loan book in arrears declined to 3.42%.
The largest percentage fall came in the number of new possessions. In Q4 these fell 15% to stand at 11,800, the lowest figure since Q2 2008.
If I don't reply to your post,
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Comments
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Hello again."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
LEt's see what happens when interest rates rise to more realistic levels.0
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Excellent news.
Arrears down.
Repo down.
Recovery continues.....:T“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Excellent news.
Arrears down.
Repo down.
Recovery continues.....:T
Home repossessions rise by 15pc
The number of people who lost their homes because they fell behind with mortgage payments leapt by 15pc during 2009, new figures show.
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/7457295/Home-repossessions-rise-by-15pc.html
Published: 3:25PM GMT 16 Mar 2010
The Financial Services Authority said 54,055 people had their properties repossessed during the year, up from 46,945 in 2008.
But there was a fall in both the number of repossessions and the number of people who were unable to keep up with their mortgage during the final quarter of the year. Around 11,800 homes were repossessed during the final three months of 2009, 15pc fewer than during the previous quarter.
New arrears cases also fell by 9pc during the three months to 41,000, after steadily declining throughout 2009. A total of 378,000 borrowers had fallen behind with their mortgage by the end of the year, the equivalent of 3.42pc of all mortgage customers.
The figures are broadly in line with ones reported by the Council of Mortgage Lenders for 2009, which showed that 46,000 people had their home repossessed during the year, the highest level since 1995.
The FSA's figures are higher than the CML ones because they include second-charge mortgages and loans advanced by lenders who are not CML members.
However, the level of repossessions reported by both groups is lower than was originally predicted, with the CML saying at one stage that up to 75,000 people could lose their homes during the year.
A combination of low interest rates, increased lender forbearance and the introduction of government schemes to help people struggling to keep up with their mortgage has helped to keep repossession figures lower than forecast.
But the FSA figures contained little cheer for potential first-time buyers who are struggling to raise the deposits they need to buy a home.
The regulator said only 2pc of mortgages were advanced to people borrowing more than 90pc of their home's value during the final three months of 2009, down from 6pc during the fourth quarter of 2008.
Advances to people borrowing both a high proportion of their property's value and a high income multiple also continued to fall to less than 1pc.
New lending to all borrowers totalled £41bn during the final quarter of 2009, 2pc more than during the previous three months but 8pc lower than a year earlier.
Meanwhile the Government announced a further £2.5m of funding for its advertising campaign encouraging home owners in repossession hot spots who were struggling with their mortgage to get help.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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HAMISH_MCTAVISH wrote: »Excellent news.
Arrears down.
Repo down.
Recovery continues.....:T
What recovery is this ?, are you talking about the illusionary one of the last 12 months that culminated in a miniscule rise in GDP that has been floated on a sea of debt ?0
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