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Aug 16, 2006
According to 1st
half 2006 figures released by the Council of Mortgage Lenders (CML), there has
been a rise in the number of properties taken into possession by mortgage
lenders. However, CML noted that this trend may not indicate a long-term rise
in numbers of repossessions since there have been a slowdown in long-term
arrears and a decline in shorter-term arrears.
CML says that the
number of repossessions (8,140) was the highest since the first half of 2001
and was up from 5,690 in the second of 2005, and 4,620 in the first half of
last year. Meanwhile, mortgages 6-12 months in arrears moved a little, from
35,320 in the first half of this year compared with 34,630 in the previous half
year and 31,470 in the first half of 2005.
Mortgages over 12
months in arrears rose from 14,380 in the second half of last year to 15,070 in
the first half of 2006, up from 12,580 in the same period last year. However,
the number of mortgages 3-6 months in arrears fell a little to 61,470, down
from 62,920 in the second half of last year, though still a little higher than
the 58,130 recorded in the first half of 2005, CML added.
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