House Repossession put into Perspective

By December 19, 2008House Repossession

Most people say that house repossession is increasing at an alarming rate. However it can be difficult to get a true perspective of how big the problem is.

In 2008 it is predicted that 43,000 people will have their homes repossessed.

In 2009 house repossession are predicted to increase to 75,000, that is almost an 80% increase  from the previous year. This is a very similar repossession rate to the peak of 1991.

The other alarming state is that people falling 3 months behind on their mortgages will more than double next year, from 210,000 to 500,000. This will be the highest level since these statistics were recorded 13 years ago. Hopefully banks will work with homeowners so that they can keep their homes.

These stats have been provided by the the Council of Mortgage Lenders.

We would like to hear about any other house repossession statistics you have uncovered.