Tuesday, November 01, 2005

UK Counting Repossesions By The Minutes

This report from the UK can be expected in the US soon. "Latest figures from the Department of Constitutional Affairs show a huge rise in the numbers of mortgage possession procedures issued in the county courts. Nationally the number of possession actions entered into in the three months to September 2005 rose to 29,991, up from 19,359 from the same period in 2004, a rise of 55%."

"The number of orders made in the three months to September 2005 rose to 19,687 from 11,682, a 66% jump. Analysis of the data by the Liberal Democrats shows that these figures mean that in England and Wales a repossession order is made every seven minutes and an action is entered into every four minutes."

"Commenting on the figures Vince Cable MP, Liberal Democrat Shadow Chancellor said: 'These figures are deeply worrying. While they are at low levels compared to the early 1990's there are clearly big problems ahead. Banks and building societies need to ensure that when individuals take out mortgages they are fully aware of the risks that are involved."

"'At long last the Chancellor has now accepted there is a bubble in the housing market. Now he needs to recognise that for many homeowners it is sadly bursting and that he needs to take action. These figures demonstrate the complete absence of an adequate safety net in the mortgage market. The government needs to urgently look at the payment protection insurance markets as products are often over-priced and contain too many exemptions.'"

"Regionally a repossession order is made every:"

London: 37 minutes
South East: 45 minutes
West Midlands: 61 minutes
North West: 66 minutes
Eastern Region: 68 minutes
Yorks and Humber: 80 minutes
East Midlands: 88 minutes
South West: 90 minutes
Wales: 122 minutes
North East: 140 minutes
Merseyside: 207 minutes


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