Number of home repossessions in Northampton falling
THREATS of home repossessions in Northampton have fallen by more than half in the last four years.
In 2011, a total of 405 households faced repossession claims from their mortgage lender for falling behind with payments.
This represented a two per cent rise on 395 repossession claims in 2010, but a 52 per cent fall when compared to 2008’s figure of 860, the highest figure in the last decade.
Figures published by the Ministry of Justice showed the number of home repossession claims had also fallen in South Northamptonshire and Daventry.
In South Northamptonshire, claims fell from 135 in 2009 to 85 last year.
In Daventry, the figure was also highest in 2009 – when Britain was first in the grip of the recession – with a figure of 180.
Last year this was halved to 90 claims, the lowest number since 2003, when there were 80.
Council of Mortgage Lenders director general, Paul Smee, said: “Low interest rates and good arrears management by lenders are helping the vast majority of those borrowers who face difficulties to keep their homes and get back on track.
“This will continue, but in the face of wider economic difficulties and rising unemployment, we are concerned there will be a higher number of people facing more serious problems in 2012.”
In the county as a whole, threats of home repossessions have hit a nine-year low, but three households a day still received orders to pay up or leave in 2011. A total of 1,170 households in the county faced repossession claims.
The figure has dropped significantly year-on-year from 2008 when it reached a 2,440 high.
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Finker
Tuesday, February 14, 2012 at 10:51 AMKeep wearing the tin foil hat.
TheCount
Tuesday, February 14, 2012 at 08:24 AMIt would be nice to think the low interest rates and the forebearance on repossesion was the banks being nice to everyone but in reality it's banker manipulation of the housing market to try and keep prices high, their balance sheets in the black and them from going bankrupt. Thankfully house prices are down 20% from their peak, down about 2-3% on last year and are continuing to fall. House sales are back at historic lows, it's a buyers market, sale prices are about 20% lower than asking prices, so if you buy make sure you get your 20% off the asking price !!!
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