{"id":125,"date":"2007-08-03T15:13:08","date_gmt":"2007-08-03T15:13:08","guid":{"rendered":"http:\/\/www.the-finance-zone.co.uk\/uncategorized\/home-repossessions-have-risen-by-30\/"},"modified":"2007-08-03T15:13:08","modified_gmt":"2007-08-03T15:13:08","slug":"home-repossessions-have-risen-by-30","status":"publish","type":"post","link":"https:\/\/the-finance-zone.co.uk\/index.php\/2007\/08\/03\/home-repossessions-have-risen-by-30\/","title":{"rendered":"Home repossessions have risen by 30%"},"content":{"rendered":"\n\n
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The Ministry of Justice said that 32,922 mortgage possession claims were issued by the courts – the first stage of the repossession process – during the second quarter of 2007. <\/span><\/p>\n

Most mortgage possession claims do not end with a property being repossessed, mainly because the borrower presents the court with a case for not proceeding or the lender comes to an arrangement with the borrower. <\/span><\/p>\n

Meanwhile, the CML said that it had changed the way it calculated repossession, to take greater account of sub-prime mortgage providers. <\/span><\/p>\n

Therefore this may have boosted the CML’s estimate of the number of repossessions. <\/span><\/p>\n

But according to CML director Michael Coogan, higher UK interest rates and the expanding sub-prime mortgage market are key factors in more people losing possession of their homes. <\/span><\/p>\n

“Interest rates are clearly higher than many were expecting, and are set to remain so,” Mr Coogan said. <\/span><\/p>\n

“The greater risks inherent in sub-prime lending are resulting in significantly higher levels of repossession in that part of the market compared to mainstream experience.” <\/span><\/p>\n

However, Mr Coogan added that repossessions were still relatively low by historical standards.. <\/span><\/p>\n

“Overall, the vast majority of mortgage borrowers will continue to cope, even in a market where affordability is stretched,” he added. <\/span><\/p>\n

Sub-prime mortgages are targeted at people with poor credit histories. <\/span><\/p>\n

In the US, a high number of people defaulting on sub-prime loans has led to falling confidence in the housing market. <\/span><\/p>\n

The UK government’s Insolvency Service has said that the amount of people going bust actually fell 8% in the second quarter of 2007 when compared to the first three months of the year. <\/span><\/p>\n

Between April and June 26,956 people became insolvent. <\/span><\/p>\n

Experts say the fall maybe due to lenders becoming less keen to accept Individual Voluntary Arrangements (IVAs), a type of insolvency. <\/span><\/p>\n

In total, the number of IVAs fell 15% between the first and second quarters.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Ministry of Justice said that 32,922 mortgage possession claims were issued by the courts – the first stage of<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[23],"tags":[],"class_list":["post-125","post","type-post","status-publish","format-standard","hentry","category-house-market"],"_links":{"self":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=125"}],"version-history":[{"count":0,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/125\/revisions"}],"wp:attachment":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}