December 21, 2007

Home repossessions still on the rise

It is a sorry sign of the times when property experts are predicting the house market crash etc, but even more disturbing is the forecast that around seventy thousand homes could be at risk of being repossessed in 2008.

These calculations have virtually tripled over the past year; this is because of the raising of interest rates and the unstable economy.

The problem is that even with the recent reduction interest rates, this may not be enough for some people because the damage has already occurred over a long period of time, maybe even years. The housing crisis is far from being over, because if seventy thousand homes were repossessed this would mean those home flooding the market through auctions, driving the prices down.

Source [National Home Buyers]