Repossessions and mortgage arrears falling
Thu, 17 Sep 2009
Recent mortgage news reports have revealed the number of families having their properties repossessed has drop some 1,300 to 13,610 in Q2 of 2009 however it is still higher than than the same period for 2008.
Whilst on the face of it this would seem a healthy reduction, it is most likely the result of changes in the circumstances under which repossession is sought. It is likely the Government initiatives for those struggling with their mortgage, mortgage lenders following new more lenient repossession protocols and the fact courts will only grant repossession orders if all other measures fail have been the main contributors to the reduction in repossessions.
The FSA has recently reported that 51,000 homeowners fell into arrears during Q2 2009 which is a reduction of some 14% on Q1 2009.