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Reposessions likely to hit 15-year high.
rosa_luxembourg
Posts: 53 Forumite
Times online
http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article7125013.ece
CML expects 53,000 homes to be repossessed this year despite first-quarter fall and low interest rates
Good news for [STRIKE]vultures[/STRIKE] prudent and patient buyers.
http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article7125013.ece
CML expects 53,000 homes to be repossessed this year despite first-quarter fall and low interest rates
The number of house repossessions has fallen in the first three months of the year to less than 10,000, the Council of Mortgage Lenders has reported.
The decline was not strong enough for the trade association to revise down its grim forecast for the year.
The CML, which compiles the data, expects 53,000 homes to be repossessed this year, the highest rate in 15 years.
Good news for [STRIKE]vultures[/STRIKE] prudent and patient buyers.
Die, die sich nicht bewegen, beachten nicht ihre Ketten.
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Comments
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rosa_luxembourg wrote: »Times online
http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article7125013.ece
CML expects 53,000 homes to be repossessed this year despite first-quarter fall and low interest rates
Good news for [STRIKE]vultures[/STRIKE] prudent and patient buyers.
Didn't the CML predict a higher rate last year and had to downrate it?:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »Didn't the CML predict a higher rate last year and had to downrate it?
I don't know, did they? I've not been here very long.
It would seem that if they did revise down, it was because of unanticipated government policy in support of overextended mortgage-debtors. I don't think that there's very much scope for an extension of that support now, is there? Quite the reverse.Die, die sich nicht bewegen, beachten nicht ihre Ketten.0 -
If people can't afford to pay a mortgage they should be repossessed.
It is the right and proper thing to do in order to maintain a healthy economy"The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
rosa_luxembourg wrote: »I don't know, did they?
They did, they predicted 75,000 reposessions in 2009 and ended up adjusting it's forecast to 48,000
http://www.cml.org.uk/cml/media/press/2456.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
If people can't afford to pay a mortgage they should be repossessed.
It is the right and proper thing to do in order to maintain a healthy economy
Kick a man when their down why don't you?
I hope you don;t find yourself out of work and finding life's commitments hard.
Actually a more responsable message to put out is that if you are facing difficulties, much better to discusss with your lender as there are a number of options that can be explored such as payment holidays, resetting the amortization period, going on to interest only etc etc.
For those that do have mortgages at present, take the opportunity of low interest rates to overpay and build up a safety net while also reducing the overall interest you pay:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
rosa_luxembourg wrote: »It would seem that if they did revise down, it was because of unanticipated government policy in support of overextended mortgage-debtors. I don't think that there's very much scope for an extension of that support now, is there? Quite the reverse.
Do you really believe that?
Even if the CML turn out to be correct this time, what would be the effect?
It's not far off the reposessions carried out last year and house prices were increasing.
When you look at the numbers, it's not even one months transaction levels.
When it's spread out throughout the year and accross the country it is a minimal impact to the wider economy.
Where it would have a major impact, would be on those unfortunately repossessed.
Still, if it suits some for thier thought process :rolleyes::wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »Do you really believe that?
Even if the CML turn out to be correct this time, what would be the effect?
It's not far off the reposessions carried out last year and house prices were increasing.
When you look at the numbers, it's not even one months transaction levels.
When it's spread out throughout the year and accross the country it is a minimal impact to the wider economy.
Where it would have a major impact, would be on those unfortunately repossessed.
Still, if it suits some for thier thought process :rolleyes:
Oh, I don't know...
There are some repo bargains to be had here:
(Lots 357 - 360 are in your neck of the woods)
Not what I'm after, but you might be interested...
Edit.
It's good to chat with you - nice to have advice from folk who're better informed about mortgages and repossessions than both the Council of Mortgage Lenders and the business pages of The Times.Die, die sich nicht bewegen, beachten nicht ihre Ketten.0 -
rosa_luxembourg wrote: »Oh, I don't know...
There are some repo bargains to be had here:
(Lots 357 - 360 are in your neck of the woods)
.
:rotfl:
That remains to be seen.
Guide prices are often pitched far below likely sale price to attract bidders, as you well know.
Typical open market prices of similar flats in those streets seem to be around 70K to 90K with vacant posession. A "tenancy of unknown type" would certainly reduce that value, as it rules out owner occupiers. If they achieve 60K or so it's probably around fair market value, given the tenancy and lack of details on condition.
Although something smells rotten with some of those repo's...... A quick check of Zoopla reveals the typical price for flats on that street all the way through 2007/8/9 appears to be in the 60K to 80K range, yet one of the ones on the repo list sold for 139K in 2008.......
Possible mortgage fraud case?“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: »:rotfl:
That remains to be seen.
Guide prices are often pitched far below likely sale price to attract bidders, as you well know.
I didn't know that. Doesn't seem that way on Homes Under the Hammer, though I often miss it cos I rerun JK on the TIVO.
Edit...
Out of interest, how far below the sale price do you think those auction properties in Aberdeen (lots 357-360) are priced?Die, die sich nicht bewegen, beachten nicht ihre Ketten.0 -
rosa_luxembourg wrote: »Oh, I don't know...
There are some repo bargains to be had here:
(Lots 357 - 360 are in your neck of the woods)
Not what I'm after, but you might be interested...
Edit.
It's good to chat with you - nice to have advice from folk who're better informed about mortgages and repossessions than the Council of Mortgage Lenders.
Is that very polite sarcasm or are you serious?0
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