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Repossessed Property NewsRepossessions on rise as debt and fraud hit home (February 11, 2008) Repossessions on rise as debt and fraud hit home (February 11, 2008) Repossessions on rise as debt and fraud hit homeInterest rate cuts will not be enough to save struggling mortgage holders, warns Teresa Hunter THE
housing market lurched into a new crisis last week when it emerged that
repossessions have soared. Some hit by homelessness are borrowers who
bit off more credit than they could chew. Others may have been tricked
into paying over the odds through fraudulent activity by developers. As the credit crunch deepens, banks are becoming more choosy about who they lend to. Those with big debts will find the cost of credit rising for them, and rather than seeing reductions in their home loan bills, many face more pain in the months to come. More than 27,000 houses were repossessed by banks and building societies last year, the highest number since 1999 when institutions took back the keys to 30,000 homes. However, the Council of Mortgage Lenders is anxious to point out that the number currently losing their homes remains a fraction of the 75,500 kicked out onto the streets at the height of the last property recession. It did, though, warn that repossession numbers would rise again in 2008 as the economy slowed, the credit crunch deepened and more borrowers discover they were victims of fraudulent deals. Click here to return to the News page 
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