UK – ‘Wanker’ Brown’s government was hit today with yet more doom and gloom with the number of houses being Repossessed has almost doubled during the third quarter of last year, and now one house is being repossessed every ten minutes.
Figures published today by the Financial Services Authority (FSA) show 13,161 homes were repossessed by mortgage lenders in the third quarter of last year. It represents a 92 per cent jump on the same period in 2007, when fewer than 7,000 households lost their homes.
The FSA also warned of a sharp rise in the number of homeowners who have missed at least one mortgage repayment. It said 340,000 borrowers were in arrears at the end of September, a 24 per cent rise on the same period in 2007 and a ten per cent rise on the previous quarter of last year.
This trend is likely to accelerate as unemployment rockets and credit card companies exploit loopholes in the law allowing them to put charges on people’s houses, and forcing Repossession.