http://uk.news.yahoo.com/rtrs/20080509/tpl-uk-britain-repossessions-orders-20b2d2f.html
Briefly, this is truly the worst news possible for all those with debt problems because they state that there are more people on the verge of losing their homes than in the early 1990's recession and according to experts, it is going to get worse.
Having lived through that particular recession, I am shocked that this is the case. Why on earth hasn't someone sitting in the comforts of Parliament or The Bank of England come up with a prevention strategy before debt problems in the housing market reached this level of disintegration? These, after all, are the people who are paid handsomely to ensure that people living in the country are protected from disastrous financial events.
I have actually heard someone recently say that a lot of people deserve their mortgage problems because they gambled on buying a house when prices were high, in the hope that they could afford it if the mortgage interest rate increased. My answer would be, with approximately 12 million mortgages in Britain alone,
1. why were house prices allowed to treble in a decade?
2. why were people allowed to borrow so much more than they could afford to repay?
3. why had the government not addressed this, knowing full well that history repeats itself as it surely has done with home repossessions?
Europe, America and all countries world wide are in similar positions with their debt problems and home repossessions. Surely one day, someone will get up and be counted and help all those who wake up every morning in the bleakness of living with their debts challenges of which home repossessions is just a part.
US home repossessions hit record high
Business & money: Slump in housing market and impact of credit crunch affect country's poorest borrowers.
Mass Home Repossessions In Our Future in the UKVince Cable, the deputy leader of the Liberal Democrats, has given warning of a “very real possibility of mass bankruptcy and home repossession across the country”. More borrowers could be thrown into difficulties by the abrupt ...
Australia: Families hit by rising bankruptcies and home repossessions... broadcast on Australian television provided a timely insight into the desperate circumstances afflicting a growing number of ordinary Australians who are mired in debt and threatened with bankruptcy and the loss of their home. ...
This depressing news has to stop - and with the right frame of mind, the right tools, it can be turned around. The opportunities which are available today, where not there in the early 1990's - so for the majority of people there is a way out of the darkness of home repossessions. Click here for the free report.
Debts Challenge - How To Turn Your Debt Into A Winning Challenge
3 comments:
Construction in South Florida stopped almost two years ago. Many contractors went under, and a lot of the foreclosures here are not people that overbought-or got creative flexable interest rates, they lost jobs and income.
Past recessions never seemed as bad in Florida as in the rest of the US, but this time it's drastically worse.
NO ONE deserves to lose their home, no matter the circumstances. Thanks for bringing attention to it.
It's terrible in the USA too! This is a lesson for all of us, to get out of debt and STAY out of debt ASAP!
I guess more public education can help warn against over leveraging. It's sad for anyone to have to lose their sheltor in this manner!
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