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Home Repossessions Soar 17% In Last 12 Months

In a move which is very similar to that seen prior to the crash in US sub-prime mortgage market, it has been announced that year on year home repossessions have risen by 17%. This is based upon the number of applications made to the courts by mortgage lenders and it looks set to get worse before it gets better. However, there are many more worrying tones under the surface which will have the Treasury monitoring the situation carefully.

Figures released by the British Bankers Association also show that over 20% of the so called sub-prime borrowers in the UK were at least 30 days behind with their mortgage payments, with 10% more than 90 days in arrears. These bear very chilling similarities to the US situation which has brought the world economy to its knees.

There are now major concerns in the industry that the threat of inflation, and inability to reduce interest rates, will push thousands more home owners into serious financial difficulties. While the UK and the rest of the world suffered from the US fallout is seems that the UK is set for a serious chapter of its own. Can we really see things get any worse?

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