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Repossessions at lowest level since end of 2007

http://www.moneymarketing.co.uk/mortgages/repossessions-at-lowest-level-since-end-of-2007/1023597.article
The number of repossessions fell to its lowest level since the end of 2007 in the third quarter, according to the FSA.

The figure was down 8 per cent on the previous quarter, falling to 9,145 from 9,990, according to the regulator’s latest mortgage lending data.
New arrears cases also fell by 2 per cent from 37,327 in Q2 to 36,560 in the third quarter . The number of new cases has now fallen for each of the last seven quarters.

The total number of accounts in arrears has also continued to fall each quarter over the past year, decreasing by 2 per cent in Q3 to 345,593. In Q2 the total number of accounts in arrears stood at 352,722.

In Q3, the total value of outstanding loans stood at £1.2bn, an increase of less than 1 per cent on the last quarter.

New advances in the quarter totalled £41bn, 12 per cent higher than in Q2 but much the same as the amount advanced in Q3 2009.

New commitments totalled £38bn, 6 per cent down on the previous quarter but again in line with Q3 last year.

Lending for house purchase accounted for 64 per cent of new advances and 61 per cent of new commitments.

Some interesting comments there, just shows how low remortgaging is at the moment also, 64% of all new loans are for purchases.
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Comments

  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    edited 14 December 2010 at 3:53PM
    Really2 wrote: »
    http://www.moneymarketing.co.uk/mortgages/repossessions-at-lowest-level-since-end-of-2007/1023597.article


    Some interesting comments there, just shows how low remortgaging is at the moment also, 64% of all new loans are for purchases.
    good news about repossessions - people getting thrown out of their homes is not a good thing.

    i'm sure the usual suspects will [STRIKE]trolling[/STRIKE] [STRIKE]crawling[/STRIKE] searching the t'interweb for bad news articles about repossessions or people in arrears...
  • More good news.

    Excellent thread.
    “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”
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    Lance wrote: »

    Rent and mortgages. It's not great news but looks like renters are getting equally if not worse financial trouble.
  • I wondered if we would hang to our home back in the last recession. It is a frightening experience and I truly feel very sorry for those folk who are in that position. I do think there would be more happiness around if Brown had kept his pledge to not let the market get out of control again.
  • Lynsey
    Lynsey Posts: 9,486 Forumite
    I've been Money Tipped!
    It would be great if it was turn around time, but does anyone think the slow down in re-possessions could be becuase the government has told the lenders to hold back??
    I spoke to someone a short while back (who works in mortgages) and she stated that there are lots of people sadly in more than 6 months of arrears (7 months or more) and next year could escalate again as the debts couldn't just go on mounting up (makes sense if true).

    Hopefully it's good news, especially for those on the edge.

    Lynsey
    **** Sealed Pot Challenge - Member #96 ****
    No. 9 target £600 - :staradmin (x21)
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  • Pimperne1
    Pimperne1 Posts: 2,177 Forumite
    Really2 wrote: »
    http://www.moneymarketing.co.uk/mortgages/repossessions-at-lowest-level-since-end-of-2007/1023597.article


    Some interesting comments there, just shows how low remortgaging is at the moment also, 64% of all new loans are for purchases.

    Good news (although some people will be unhappy with it).
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Lynsey wrote: »
    It would be great if it was turn around time, but does anyone think the slow down in re-possessions could be becuase the government has told the lenders to hold back??
    I spoke to someone a short while back (who works in mortgages) and she stated that there are lots of people sadly in more than 6 months of arrears (7 months or more) and next year could escalate again as the debts couldn't just go on mounting up (makes sense if true).

    Hopefully it's good news, especially for those on the edge.

    Lynsey

    Calm before the storm.

    Strangely enough, the calm was created by a storm.
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    Calm before the storm.

    Strangely enough, the calm was created by a storm.

    I still prefer Michael Fish.
  • Lynsey wrote: »
    It would be great if it was turn around time, but does anyone think the slow down in re-possessions could be becuase the government has told the lenders to hold back??

    When did the banks ever listen to Government? More the other way round!

    I think it has slowed down simply because interest rates are so low, that most people can pay them. Plus the rental markets have gone absolutely mental, and these people know that if they can't afford their mortgage, they certainly can't afford to rent!
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