The slide has begun.....greenspun.com : LUSENET : Repossession : One Thread
in Greenwich, London anyway. I have been keeping an eye on the local estate agents and there are 8 properties that have had price reductions over the weekend, and when I say price reduction I mean prices reductions, all of the properties have been reduced by 10k some by 12.5k one by 15k. The estate agent has even left the original prices viewable. I can see a lot more negative equity and that means more repossessions. Lets get ready for a lot of new users. The cycle is back to '89 at least we wont be caught again. Regards
-- John (email@example.com), March 19, 2003
Yes, I must admit I live in Kent and have noticed that top and middle of the market have started to drop a bit.
I don't think it will happen as drastically as in the late 80s early 90s but I do think that some will definitely suffer.
-- Chris (firstname.lastname@example.org), March 19, 2003.
If the new debt enforcement paper is as bad as Simon on debtquestions predicts reposession rates may be worse than the 89/90.
-- Sue (email@example.com), March 19, 2003.
I agree with Lee that it will be a long grinding affair. I think the next generation of repossessions will be caused more by redundancies than interest rates, especially if the price of oil goes up for a long period. Sue, you mentioned the new enforcement paper, presumably you mean the proposed new legislation which may make it possible to effectively turn unsecured debts into secured ones, enabling creditors to obtain charging orders on a debtors property? I am trying to get an article I've written published regarding this and repossession, although with so many people's heads full of war this could be difficult.
-- M Amos (firstname.lastname@example.org), March 20, 2003.
Yes, that's the one. A white paper is due to be published on Mar 26th although I can see it being delayed while the war continues.
I've been trying to get the Financial Mail to do something but have never heard back from them. If it's as bad as feared then I will start lobbying the MPs.
-- Sue (email@example.com), March 20, 2003.