Spending cuts will trigger repossessions

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We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Mortgage Rates Forecast . Homeowners are warned that a three-pronged attack could see the number of repossessions spiral. Lenders are losing patience with those in arrears; government support programmes are being cut and economic shocks to the system will see interest rates creep up and potential unemployment figures soar. The latest forecast from the Council of Mortgage Lenders (CML) predicts there will be 53000 repossessions in 2010, but a new study has warned that home repossessions could mount to 175000 in 2012. The report by Professor John Muellbauer and Dr Janine Aron of Oxford University stressed that its figures were based on the worst-case scenario of unemployment hitting 11.4 per cent in 2011 and interest rates rising quickly. But many believe that this is a possibility. Repossessions at these sorts of levels would make 2012 worse than even the darkest year of the housing market crash of the early 1990s. This warning has been echoed by the Consumer Credit Counselling Service (CCCS), the debt charity, which says that the recovery of the housing market may lead to previously merciful lenders beginning to enforce suspended possession orders. "There is no doubt that lenders have shown leniency towards debtors during the recession. However, this leniency may have been partly determined by the markets," says Delroy Corinaldi, CCCS's director of external affairs.

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