Good news for those with cash

[DimPrawn]

http://news.bbc.co.uk/1/hi/business/7234254.stm

The number of people whose homes were repossessed last year has risen by 21%.
The Council of Mortgage Lenders said 27,100 homes, the highest figure since 1999, were taken over by lenders after people fell behind with repayments.

The figure for the UK is more than the 22,400 in 2006, but not as extreme as the CML had forecast. It is still a sharp rise on the 8,500 of 2003.

And the CML warned that the number of repossessions was likely to rise again in 2008.

Meanwhile, the numbers of mortgages in arrears rose by 8.6% compared to 2006, it said.


Doomed, but Boomed.

[oracleslave]

Doomed, but Boomed.

Doesn't riding the fence hurt?

[DimPrawn]

My eyes are watering a bit for sure.

[Bumfluff]

I stashed my pennys away and am starting to look for a bargin, after a one bed flat in the city which I will use during the week.

[Bod]

I stashed my pennys away and am starting to look for a bargin, after a one bed flat in the city which I will use during the week.

Give it another year, then buy two

[ChimpMaster]

House prices will trickle lower for many a year yet. So don't rush in thinking this is a short sharp fall, because it's more than just that. My house is nearly mortgage free and I am stashing away cash to invest in property in 3 to 5 years' time. Boomed indeed.

[Bod]

House prices will trickle lower for many a year yet. So don't rush in thinking this is a short sharp fall, because it's more than just that. My house is nearly mortgage free and I am stashing away cash to invest in property in 3 to 5 years' time. Boomed indeed.

I pretty much agree with you, but there seems to be so much negative sentiment that the housing market could drop like a brick.

[Moscow Mule]

I refer the honourable members to the previously post...

http://forums.contractoruk.com/gener...-realtime.html

[PAH]

If I had a home repossessed I'd be pretty pissed-off with the mortgage company for putting it through an auction, where you're almost guaranteed to have a big shortfall between the sale price and outstanding mortgage, especially seeing as most reposessions occur when the market turns down.

If I was in government I'd force the mortgage companies to try to get a better sale price, first by having to offer it for sale using normal channels and only going to auction as a last resort.

I think having to still pay the shortfall after repossession is possibly the worst part of the whole experience.

[threaded]

I pretty much agree with you, but there seems to be so much negative sentiment that the housing market could drop like a brick.

Not that slow, more along the speed of a falling milan.