Recession?: Steep rise in mortgage court actions Recession?: Steep rise in mortgage court actions
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  1. #1

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    Default Recession?: Steep rise in mortgage court actions

    http://business.timesonline.co.uk/ar...844544,00.html

    "The number of court actions entered into to repossess homes rose to 29,991 in the third quarter, the highest number since 1993, figures from the Department for Constitutional Affairs (DCA) showed. Although only a fraction of repossession proceedings result in houses being taken from borrowers, analysts said that the speed of the rise — up 55 per cent over the year — suggested that unaffordable housing was a growing problem.

    ",

    indeed, Oh Dear.

    Cheap houses.... for those with cash in the not too distant future.

    Happy Christmas,

    Milan.

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    Apparently 30k is "normal" for this country (never mind highest) and due to 1.75% increase in rates this is to be expected anyway, so there is no need to panic.

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    A few of us here were thinking/saying a while back that it was credit fuelled consumer spending keeping the economy afloat.

    Now (at long last) we're hearing supposed economic commentators saying the same thing.

    Technically I believe we're already in recession and have been for a while. If consumer spending continues ebbing away which is more likely than not, we're in for a very, very rough ride. Contractors particularly.

    Interest rates might be low but it isn't the interest rate that's causing the problems - is it ?

    A bust without the boom Mr Brown.

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    Quote Originally Posted by BobTheCrate
    A bust without the boom Mr Brown.
    Lets be fair to Mr Brown -- the boom was rather long but its not his achievement -- he just inherited it from Tories and not even his tax raises could crash the boom quickly.

  5. #5

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    Quote Originally Posted by BobTheCrate
    Technically I believe we're already in recession and have been for a while. If consumer spending continues ebbing away which is more likely than not, we're in for a very, very rough ride. Contractors particularly.
    .

    Not sure I agree, in my experience a general downturn in the economy eg not specifically in IT is very good for contractors as companies just don't have the cash to throw at the big boys and try to be creative with low-cost resources ie contractors.

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    Quote Originally Posted by vista
    Not sure I agree, in my experience a general downturn in the economy eg not specifically in IT is very good for contractors as companies just don't have the cash to throw at the big boys and try to be creative with low-cost resources ie contractors.
    That is what will keep the lucky ones going, but usualy during a recession companies do not invest in new systems if they dont have too.
    Big companies dont give big contracts to EDS so EDS dont need the hundreds of contractors they employ. The sub contracting firms dont get the sub contracts etc.
    When all those guys hit the market the market gets flooded and rates get pushed down. Only the strongest most flexible survive.

    It has happened more recently than the last recession in the IT industry.
    Y2K Bug, DOTCOM bubble bursting followed by 9/11 all stopped bigger companies, particularly airlines, from investing.

    It helps to be in a niche markt that wont stop.
    I am not qualified to give the above advice!

    The original point and click interface by
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    [QUOTE=The Lone Gunman]
    It has happened more recently than the last recession in the IT industry.
    Y2K Bug, DOTCOM bubble bursting followed by 9/11 all stopped bigger companies, particularly airlines, from investing.

    QUOTE]

    Maybe you're right however this turn of events wasn't the last IT recssion IMHO it was the only IT recession. Even in a general economic malise systems still need to work, systems still go end of life.

    I am hoping and praying for a general economic downturn about the same time as Vista hits and NT4 is finally consigned to history (no more security hot fixes at any cost) - it'll create huge opportunities for the little guys.

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    [QUOTE=vista]
    Quote Originally Posted by The Lone Gunman
    It has happened more recently than the last recession in the IT industry.
    Y2K Bug, DOTCOM bubble bursting followed by 9/11 all stopped bigger companies, particularly airlines, from investing.

    QUOTE]

    Maybe you're right however this turn of events wasn't the last IT recssion IMHO it was the only IT recession. Even in a general economic malise systems still need to work, systems still go end of life.

    I am hoping and praying for a general economic downturn about the same time as Vista hits and NT4 is finally consigned to history (no more security hot fixes at any cost) - it'll create huge opportunities for the little guys.
    Szstems dont have an end of life generally. It is only when new technollogy comes to light do we need to modify.
    When the research into new technology stops due to a down turn there is no rush to market by companies wishing to employ that technology.
    People will ride out a storm with a working if not perfect legacy system rather than risk the investment in new.
    I am not qualified to give the above advice!

    The original point and click interface by
    Smith and Wesson.

    Step back, have a think and adjust my own own attitude from time to time

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