Home repossessions, the ticking time bomb under the West!
This blog gave up making what it believed were constructive suggestions regarding the property price crisis long ago, as nothing was being done. Eventually something has to change, the self-delusion that appears to have most of Britain in its grip must be seen for what it is. Across the West there are signs of things coming to a head:
Reuters on Ireland, Spanish repossessions on BBC TV News , Daily Mail on Repossessions and walkaways Beverly Hills style while a new EU directive seems set to accelerate this process, read here.
The picture in the headline spread of the Irish Independent this morning pinpoints the intent behind what occurred and provides a clue as to where the responsibility probably lies.
The article, linked here, has the following chilling introduction soon to be repeated elsewhere is my forbidding guess:
BANKS are telling thousands of families struggling to restructure mortgages they will have to cut back on health insurance, private education, groceries and Sky Sports before any deal can be done.
Reuters on Ireland, Spanish repossessions on BBC TV News , Daily Mail on Repossessions and walkaways Beverly Hills style while a new EU directive seems set to accelerate this process, read here.
The picture in the headline spread of the Irish Independent this morning pinpoints the intent behind what occurred and provides a clue as to where the responsibility probably lies.
The article, linked here, has the following chilling introduction soon to be repeated elsewhere is my forbidding guess:
BANKS are telling thousands of families struggling to restructure mortgages they will have to cut back on health insurance, private education, groceries and Sky Sports before any deal can be done.
Labels: House Price crash, UK House Price Collapse
posted by Martin at 8:30 AM
2 Comments:
There will be a definite increase in repos in the UK after October this year.
The Coalition changed the rules on the payments made for an unemployed person's house in October 2010. Current arrangement is 3.63% on up to 200k but only for TWO years. After that the payments stop. So for anyone who has been unemployed since then and is still in that position at the end of this year, the Courts are going to see a much bigger increase in repossession hearings.
And my own mortgage company can take action if I'm only 2 months in arrears. I doubt they are the only ones in the market who will/can do that.
Events appear to be moving towards some kind of crunch in the US as well, see link below, although interestingly two market commentators on the Business TV stations were tipping real estate as a possible safe haven:
http://ecreditdaily.com/2012/02/pressure-mounts-fannie-freddie-write-mortgages/
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