Mortgage repossession orders jump

mkpdavies · 03-11-2006, 03:13 PM

http://investing.reuters.co.uk/news/...nkrupt_britain

Quote:

LONDON (Reuters) - Orders for mortgage repossessions made in the third quarter of 2006 in England and Wales rose 22 percent on the year, the government said on Friday.

The Department of Constitutional Affairs said courts ordered 24,017 repossessions in the three months to September, but nearly half of these were so-called suspended orders.

A suspended order gives the homeowner a chance to catch up with mortgage arrears and does not necessarily entail the home being repossessed.

In the same period, the number of actions entered -- when a claimant begins legal proceedings against an individual for repossession of residential property -- was up 15 percent on the year at 34,626.

Looks like we might just miss a winter of discontent, but we could see 2007 becoming a year of discontent.

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