Home repossessions tumble

first_img Show Comments ▼ Home repossessions tumble Share Thursday 11 November 2010 7:41 pm THE number of homes repossessed by lenders in Britain fell to a two and a half year low in the third quarter, data showed yesterday, but courts issued more orders to reclaim homes, suggesting there may be a rise ahead.Figures from the Council of Mortgage Lenders showed that 8,900 homes were repossessed in the third quarter, down from 9,400 in the second quarter and the lowest since the first quarter of 2008.Separate data from the Ministry of Justice showed that courts in England and Wales issued five per cent more repossession orders compared with the previous quarter at 14,138 – the first quarterly rise in a year.Court orders for repossessions do not always result in a person losing their home, and almost half of the orders were suspended, giving homeowners more time to repay their debts, but the third-quarter may signal a reversal of the recent downtrend.Repossessions have been falling since early 2009 when they peaked at 13,000, but analysts reckon they could rise again once government spending cuts – expected to cost half a million public sector jobs over the next five years — kick in.“The substantial fiscal squeeze will increasingly hit public sector jobs and consumers’ pockets, while households already face high unemployment, muted earnings growth and elevated debt levels,” said Howard Archer, economist at IHS Global Insight.“There will also be a lagged impact from the recession as relatively gradual recovery overall will mean that many people who have lost their jobs will be unemployed for a long time and this will weigh heavily on their finances.”The CML said home repossessions in the first nine months of this year totalled 28,400, and was trending below its forecast for 2010 as a whole. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solution More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comKansas coach fired for using N-word toward Black playerthegrio.comcenter_img Tags: NULL whatsapp whatsapp KCS-content last_img