mortgage repossessions continue to fall

Really2

Graham_Devon wrote: »

The report looked at household income, then subtracted mortgage and bill payments, then came up with the result.

What report is that? they would have no way of knowing unless they had bank statements?
I remember one that was a survey on here (EG and that was do you have any money left at the end of each month, I think), not one that was calculated. Sure you have not got that one mixed up?

MRSTITTLEMOUSE

Dan: wrote: »

That's right mate, maybe now your understand your far better off with your money invested in property then sitting in the bank?

Yes that may be true but I can't spend my house when I go shopping.
I'd still like a little return on my savings and my goodness that's what I'm getting at the moment:rotfl:.

ukcarper

Graham_Devon wrote: »

The report looked at household income, then subtracted mortgage and bill payments, then came up with the result.

So the bit's they could spend, would, I presume, come after the mortgage and bill payments.

However, like you say, it could be that they included bills such as Sky, which could include HD, with HD multiroom, and also 3 iphone mobile contracts, 2 car loans etc.

I think, however, it was mortgage, council tax, electric / gas, food, and petrol. Though I may be wrong.

Neither do we know what "little" constitutes, in terms of "have no, or little money left".

I’d like someone to post a link to that report as you obviously don’t know how it was done and until we do it’s meaningless.

IveSeenTheLight

Graham_Devon wrote: »

Two different figures.

Poster talks about 10% of more arrears (which have increased).

You are talking about arrears 2.5% or more, which have fallen slightly.

Anyway....

Anyway, I posted a link to the direct CML report
http://www.cml.org.uk/cml/media/press/2769

Nowhere does it state an increase in arrears.
Indded the first line of the report states

Mortgage arrears and possessions continued to decline in the third quarter, according to CML data published today

AD9898_2

No surprise and backs up my theory that banks aren't repo'ing even though arrears are rising. The banks really don't have much choice anyway, if they repossess, what are they going to do with the houses ? They won't give people mortgages to buy them, even at a loss.

This means that anyone hoping for a significant crash in prices is likely to be out of luck. Only a major external event outside the control of BoE/government will bring about a crash, you only have to look at the current 'inflation/IR situation.

Their is so much debt out there, that the people with it can't be allowed to fail, unfortunately.

ILW

AD9898 wrote: »

Their is so much debt out there, that the people with it can't be allowed to fail, unfortunately.

Think the Irish may have a different slant on that.

doire_2

Dan: wrote: »

That's right mate, maybe now your understand your far better off with your money invested in property then sitting in the bank?

When prices in NI are still falling? Dont be ridiculous

Heyman_2

doire wrote: »

While savers take the hit

Dry your eyes

sjaypink

When did the government mortgage payments- for those on benefits- go down? Think they were 6%...?

Must have been quite recently as I hear a (ok, small) wave of possession claims against those on benefits have just started being issued.

Not sure I agree that numbers are down... doesn't appear that way here... guess the stats vary quite a bit across the country though depending on local circs.

ETA: 1st October (SMI)

dopester

Simon Read: Lenders repossess less but more are at risk

Saturday, 13 November 2010

The number of people struggling to pay their mortgage has surged by 78 per cent in the past year, according to figures issued by Shelter this week. The charity said that 18 per cent of homeowners are now experiencing problems, compared to one in ten a year ago – the equivalent of three million mortgage holders across the country, or one in six.

"Thousands of people are hanging on to their homes by the skin of their teeth," warned Shelter's chief executive, Campbell Robb. The prospects for anyone close to the financial edge are not good, despite some pleasing-looking repossession figures issued by the Council of Mortgage Lenders on Thursday.

The number of mortgages in arrears – a sign that homes are close to repossession – has actually fallen in the last few months to 176,100. But that trend could soon be reversed. With petrol, energy and food prices all going up – and January's VAT increase set to impact too – families are at as much risk as ever. For that reason, we should pay more attention to Shelter's figures this week than the CML's.

http://www.independent.co.uk/money/mortgages/simon-read-lenders-repossess-less-but-more-are-at-risk-2132816.html