The Council of Mortgage Lenders reports that repossession claims and orders in England and Wales rose sharply in Q2 y/y. Repossessions rose 17% y/y and possession orders rose 24% y/y. The Market News report says “While the annual increases are striking, the actual numbers still represent only a tiny fraction of total outstanding mortgages. In all, there were 39,078 mortgage possession claims and 28,658 mortgage possession orders in the second quarter… the number of properties taken into possession in the first six months of 2008 amounted to just 0.16% of all loans.”
the news just keeps getting better
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