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There is two sides to this story... repossessions
Comments
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It is clear that Nick Hopkinson is commenting on the CML figures.
He did not state that 800k are in arrears.
He stated that the 2% (180,000) in mortgage arrears indicated a serious debt problem for 800,000 home buyers.
Care to suggest how he made that correlation?If I don't reply to your post,
you're probably on my ignore list.0 -
He stated that the 2% (180,000) in mortgage arrears indicated a serious debt problem for 800,000 home buyers.
Care to suggest how he made that correlation?
I've just read article and would like to know the definition of struggling, as the firsts time it is used is “struggling to meeting monthly payments” and the second is “struggling with debts” which to me is a bit hairy fairy.0 -
He stated that the 2% (180,000) in mortgage arrears indicated a serious debt problem for 800,000 home buyers.
Care to suggest how he made that correlation?
He didn't make any correlation.
The CML stated that 800,000 homebuyers are struggling with monthly bills.
The CML website shows a graph, indicating that around 2% of mortgage payers are in arrears of more than 3 months.
Nick Hopkinson didn't state that 800,000 homebuyers had a "serious debt problem". He did say that they are "struggling with debts". It could be said that he's jumping to conclusions there, as the CML comments indicated that 800,000 were struggling to pay the monthly bills, which doesn't necessarily mean they are in debt (although it doesn't take took much imagination to think that they might be).30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
I've just read article and would like to know the definition of struggling, as the firsts time it is used is “struggling to meeting monthly payments” and the second is “struggling with debts” which to me is a bit hairy fairy.
Exactly what I was thinking. I wonder if struggling simply means being a couple of months in arrears? If this is the case, then a couple months of arrears is very far away from being reposessed.
I thought this part of the article was interesting:
"However, the total number of properties taken back from their buyers in 2011 was 36,200, the lowest annual total since the credit crisis began in 2007."0 -
RenovationMan wrote: »If this is the case, then a couple months of arrears is very far away from being reposessed.
Interesting.
Do we know what level of arrears are required before a lender commences repossession (and has this changed since 2007) ?
A couple of months arrears may be very far from repossession in some cases, in others it will be a strong indicator that repossession is very like to follow in the not too distant future.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
RenovationMan wrote: »Exactly what I was thinking. I wonder if struggling simply means being a couple of months in arrears? If this is the case, then a couple months of arrears is very far away from being reposessed.
I thought this part of the article was interesting:
"However, the total number of properties taken back from their buyers in 2011 was 36,200, the lowest annual total since the credit crisis began in 2007."
It could they are not in arrears at all just finding it hard to make payments no where does it say what struggling means.0 -
“This is over four times the long running average amount of homeowners in arrears and indicates that there are more than 800,000 homebuyers struggling with debts."
2% of homebuyers in arrears (as you stated earlier).
800K homebuyers struggling with monthly bills.
He did not state that 800k are in arrears.
He did however say that the 2% in arrears indicates that there are 800K struggling with debts.
Without providing any reason or rationalisation for that number, while clearly intended to link the two and therefore mislead.“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: »He did however say that the 2% in arrears indicates that there are 800K struggling with debts.
Without providing any reason or rationalisation for that number, while clearly intended to link the two and therefore mislead.
Does he need to give a reason? Its bleedin' obvious what#s implied.
2% x number of mortgage payers.Faith, hope, charity, these three; but the greatest of these is charity.0 -
He didn't make any correlation.
The CML stated that 800,000 homebuyers are struggling with monthly bills.
CML make no mention of 800,000 - that's PPR's assumption plucked out of thin air which they have somehow correlated from CML's 2% figure.
But there are roughly only around 10m people with mortgages. 2% of that would give 200,000, which is near enough to what CML themselves say are 3 month in arrears.If I don't reply to your post,
you're probably on my ignore list.0 -
Derv...
Please remember everything is rosy. Tsk.0
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