Repossessions are Falling

Thu, 19 Aug 2010

Sales of distressed properties are declining as the number of repossessed homes declines for the third consecutive quarter.

The latest figures from the Council of Mortgage Lenders highlight that mortgage lenders seized 9,400 properties during the April to June period, 400 fewer than in the first quarter of 2010.

However, it is low interest rates which are ensuring that monthly mortgage repayments stay down.

The CML has again revised its forecast for 2010 repossessions, anticipating 39,000 repossessions for 2010, in contrast to the previous estimate of 53,000.

The number of mortgages in arrears has also declined, by 5% during the second quarter.

The end of June saw 178,200 loans with arrears, which equates to 2.5% or more of mortgage balance. This represents a 17% drop on the same period 12 months ago.

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