Mortgage Repos go through the roof

eurows

Another stage in the inevitable housing crash

http://www.odpm.gov.uk/stellent/groups/odpm_housing/documents/downloadable/odpm_house_038492.pdf

ivegotabig1

for thoes who couldnt find the important bit "repo's", its at the bottom of page 4 !!! out of 4 pages...i.e the last thing on the list, leave the bad news till last eh !! for thoes of you who dont want to check out the link....Repo's are UP 44% ON LAST YR !! & are at the same level recorded in 93-94, we are comimg into an economic slowdown,no question,but ofcourse you never hear the REAL truth from the banks/ building societies, as they have a vested interest in talking the market up.......the bottom line is this,if your looking to buy a home....try & avoid doing it now....in many areas property will be quite a bit cheaper next yr..

Random_bloke_2

Which is only a problem if you need to buy this year and sell next year. The vast majority of people buy a house to live in, not turn a quick profit.

dippy

Repossession affect everybody who are overstretched or are thinking about overstretching themselves.

Phonix

One of the nasty aspects of free market economics and how it affects corporate behaviour. Maybe?

deemy2004

Random_bloke wrote:

Which is only a problem if you need to buy this year and sell next year. The vast majority of people buy a house to live in, not turn a quick profit.

Yeh but, if they bought it this year and had to sell it for whatever reason or get a loan against next year then they would not be able to due to negative equity which may exceed 100% of their starting equity i.e. on a 10% initial deposit

nelly_2

Its probably all them ugly people on the norton finance/etc adverts who borrowed because they CAN rather then because they can AFFORD too.

tightgit_2

nelly wrote:

Its probably all them ugly people on the norton finance/etc adverts who borrowed because they CAN rather then because they can AFFORD too.

Or the people with self cert. mortgages who lied about their income.

meanmachine_2

nelly wrote:

Its probably all them ugly people on the norton finance/etc adverts who borrowed because they CAN rather then because they can AFFORD too.

Yes, but remember she did get a good night's sleep in I don't know how many months...

If she had even the most basic grasp of maths then I doubt she'd be quite so relaxed about it all.

How to get a good night's sleep: Take all your unsecured short term loans, bundle them altogether, secure them against the property, extend the length of the loan from, say, three years, to 25 years and bob's your uncle! Your debts have "disappeared".

:rolleyes:

John_M_Business

Phonix wrote:

One of the nasty aspects of free market economics and how it affects corporate behaviour. Maybe?

Not really. But I guess it's easier to blame the BIG BAD WOLF then to suggest that you shouldn't really go walking in the woods at night...

Meaning: people ARE responsible for their own actions. If they put themselves into a difficult situation, then they shouldn't start blaming others. Part of growing up is taking such responsibility.

Phonix

Originally Posted by Phonix
One of the nasty aspects of free market economics and how it affects corporate behaviour. Maybe?



Not really. But I guess it's easier to blame the BIG BAD WOLF then to suggest that you shouldn't really go walking in the woods at night...

Meaning: people ARE responsible for their own actions. If they put themselves into a difficult situation, then they shouldn't start blaming others. Part of growing up is taking such responsibility.

The world is full of ignorance, it's often a cultural thing. Those most vulnerable are those least savvy.

Those fortunate enuogh to be part of a culture that that doesn't breed such ignorance can be viewed as fortunate.

It's not always a question of whether people are responsible for their own actions but how far their culture goes toward meeting your ideals imo.