Friday May 9, 10:16 AM
Record Number Of Homes Repossessed
By Sky News
A total of 27,530 mortgage possession orders were made in the first three months of this year - up 17% on the same period in 2007. The figures, from the Ministry of Justice, cover the whole of England and Wales. Last year a total of 27,100
homes were taken back by lenders after their owners fell behind with their mortgage payments.That was 21% up on 2006 and the highest figure in eight years, according to the Council of Mortgage Lenders, The CML fears things will get even worse this year with an estimated 45,000 repossessions overall. It says it will happen as more and more people struggle with their mortgages as a result of the credit crunch. Worryingly, say experts, this forecast was made before the full impact of the squeeze became clear. Problems in the wholesale money markets have forced lenders to increase their mortgage rates, despite cuts in the official cost of borrowing. They have also become increasingly risk averse, making it harder for customers to get cheaper fixed-term deals. More follows...
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