Repossession number 'up by 71%'

[BrilloPad]

http://news.bbc.co.uk/2/hi/business/7694819.stm

So its not safe to buy houses yet.....

[gingerjedi]

71% of hardly any isn't much at all... though I do expect this figure to be significantly higher this time next year.

[Moscow Mule]

71% of hardly any isn't much at all... though I do expect this figure to be significantly higher this time next year.

The number of repossessions in the second quarter of the year was 11,054,

So, that's roughly 40,000 a year - how many homes are there in the UK?

[MarillionFan]

Wait until the repossession rate is really high and then buy.

Local authority will then pay you to rent the houses you've bought back to the people who used to own them!

Easy peasy Rodney!

[TimberWolf]

Repossession number 'up by 71%'

The good news is that they only have to drop by 41% to get back to where they were.

[Bagpuss]

How do Northern Rock relate to this?

<bagpuss puts out the twatsign>

[BrilloPad]

So, that's roughly 40,000 a year - how many homes are there in the UK?

Is it about 20 million?

[Moscow Mule]

Is it about 20 million?

So that's less than a quarter of a percent of the total housing stock.

[BrilloPad]

So that's less than a quarter of a percent of the total housing stock.

Indeed - and I think it will get alot higher for next 2 years. There will then be 3 years of static prices while the "overhang" is sold.

I can't see house prices taking 20 years to recover.....

[Bob Dalek]

So that's less than a quarter of a percent of the total housing stock.

Yes. But how many are paid for?

71% is significant.

<waits for sasponce to trot-out some obscure and boring "fact" to prove that everything is fine, because he's so clever>