Home repossessions leap towards 47,000

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Home repossessions leap towards 47,000

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03-18-2009, 03:16 AM

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Home repossessions leap towards 47,000

The Financial Services Authority (FSA) has reported a sharp rise in home repossessions and mortgage arrears.During 2008, lenders repossessed a total of 46,750 properties, up from 27,900 in 2007.Cases of mortgage arrears of three months and more rose 31% over the year, to 377,000.The increase accelerated during the final quarter with around 68,000 homeowners moving [...]

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