The number of properties being repossessed has soared as the effects of the credit crunch push court orders from banks and building societies to record highs, figures will show this week. The Independent
The tally of 95,374 repossession orders during 2007 was the highest since the housing crash of the early 1990s – when they peaked at 142,905 in 1991. In the last three months of 2007, the number of home repossession orders climbed by 6.3% to 25,008.
However, that figure did not fully reflect the housing downturn and the credit crisis, which became more acute in March. On Friday, the Ministry of Justice will reveal the repossession figures for the first three months of 2008. The shortage of mortgage finance, particularly for the 1.4 million homeowners needing to renegotiate fixed-rate deals this year, and the general economic slowdown will almost certainly push even higher the number of families losing their homes.
