There is two sides to this story... repossessions

homelessskilledworker

http://blogs.telegraph.co.uk/finance/ianmcowie/100014727/repossessions-rise-and-housing-experts-fear-worse-to-come/

JulieQ's rose tinted view of repossessions only the other day.
I am not going to do what JulieQ does and hype news to suit her mantra, I suggest maybe people need to read this article and not only the BBC news where it is often suspected to be the goverments propoganda mouthpiece.

The bits I picked up on is the fact that 4x times the normal are in what is classed as serious arrears, 800,000 homeowners are having serious debt problems, and with 2012 suspected to get worse and this is all with interest rates at record lows you need to look a bit deeper.

The one thing I will say is that credit management is not what it used to be 20 years ago, they have busted a gut and done a great job in keeping people afloat this time.

The question is though how long canit continue, I really have no idea, but I bet the likes of JulieQ will know, zzzzz

IveSeenTheLight

Your comments on JulieQ are harsh and probably as a result as it doesn't suit your mantra.
The CML predictions have been over estimated in the past 3 years at least.

That said, the article does provide a purpose which hopefully will mean that some people consider their position and plan for the future when rates rise.

Of course many think that rates will stay low for some time yet, meaning this scaremongering article may just joly the worst affected to do something about it now.

JonnyBravo

homelessskilledworker wrote: »

I am not going to do what JulieQ does and hype news to suit her mantra

:rotfl:
Someone has to say it... it's an open goal...
Someone... anyone...

homelessskilledworker

IveSeenTheLight wrote: »

Your comments on JulieQ are harsh and probably as a result as it doesn't suit your mantra.
The CML predictions have been over estimated in the past 3 years at least.

That said, the article does provide a purpose which hopefully will mean that some people consider their position and plan for the future when rates rise.

Of course many think that rates will stay low for some time yet, meaning this scaremongering article may just joly the worst affected to do something about it now.

"Mantra", i see you picked up on one of my words from my O/P,, see the thing is I am not riddling my post with fix set opinion, and I think you will even find that I use the words "don't know" at one point.

I have made every effort in the O/P to make the point of looking deeper into headlines and polls.

If the same criteria was in use now as 20 years ago I bet repossesions would be way higher, but it's not. So the question is, is this ging to make things worse if a recovery does not come along soon.

Of course I know your and JulieQ answer, I on the other hand do now know.

julieq

Erm, repossession figures are what they are, i.e. low and insignificant as a proportion of the total. It's up to the lender to manage their lending, but EVEN if you treble or quadruple repossessions they don't get up to a very large percentage of the total.

Blogs in papers who have an agenda don't constitute data.

Graham_Devon

julieq wrote: »

Erm, repossession figures are what they are, i.e. low and insignificant as a proportion of the total. It's up to the lender to manage their lending, but EVEN if you treble or quadruple repossessions they don't get up to a very large percentage of the total.

Blogs in papers who have an agenda don't constitute data.

While I disagree with both of you, his whole point was the look a little deeper.

You've then gone on to disregard his point about looking deeper based on looking only at the headline data.

As Johnny said the other day, which was completely true, we'll look at what we want to look at, and nothing more.

nicko33

homelessskilledworker wrote: »

the BBC news where it is often suspected to be the goverments propoganda mouthpiece.

Which government? The previous one?

http://en.wikipedia.org/wiki/Criticism_of_the_BBC

wotsthat

Graham_Devon wrote: »

As Johnny said the other day, which was completely true, we'll look at what we want to look at, and nothing more.

Speak for yourself!

I often find myself looking at data, thinking it's good news, and asking the question "where would Graham find the bad news in this?". I apply the "Graham Gloom Filter™" to ensure what I WANT the data to say is tempered by misery.

Graham_Devon

wotsthat wrote: »

Speak for yourself!

I often find myself looking at data, thinking it's good news, and asking the question "where would Graham find the bad news in this?". I apply the "Graham Gloom Filter™" to ensure what I WANT the data to say is tempered by misery.

Good for you. Happy to see you end up at a balanced viewpoint!

wotsthat

homelessskilledworker wrote: »

JulieQ's rose tinted view of repossessions only the other day. I am not going to do what JulieQ does and hype news to suit her mantra, I suggest maybe people need to read this article and not only the BBC news where it is often suspected to be the goverments propoganda mouthpiece.

Repossessions are at their lowest since 2007. That's the headline.

Dig a little deeper and you'll find that whilst every repossession is probably deeply traumatic for the people involved the numbers are actually pretty small.

Interesting times ahead in 2012? No sh*t - who's saying otherwise?

DervProf

Looking beyond the headlines is something that a lot of people don't do. I think our politicians often focus too much on headlines, when what we really want/need is them to concentrate on improving our lives, even if it means less than positive headlines once in a while.

OK, repo's are suprisingly low. I say "suprisingly", as we have rising unemployment, higher living costs, low wage inflation etc. Should we conclude that everything is fine, and there is no need for concern or to change anything ? Do we conclude that there can't have been any dodgy mortgage lending, otherwise repo's would be much higher ? If you look beyond the headlines, the picture isn't so pretty.

Somone on £20K might be able to borrow £300K and make the first two repayments, does that mean his situation is OK ? That's a hypothetical example of simply looking at the headline, without looking at the wider picture.