Posted by Troy McClure on June 01, 2011 at 11:55:58:
In Reply to: re: Settin record straight on mortgage arrears posted by jj on June 01, 2011 at 06:27:21:
"Just to point out 102 people had their house repossessed against their wishes - this does not equate to "hundreds of families".
BASED ON 2008 FIGURES. Figures relating to the VERY START of our crisis. Families who will have proceedings issues against them in 2010 will not see court till next year at the earliest.
That figure will far exceed 102 and will be in the thousands.
Things are far worse now and will not improve for at least another 7 years.
How do I know?
We are copying the same mistakes that the Japanese Government made in dealing with their property bust in the 90's.
They had, in their words, "lost decade" as a result.
There is an absolute mortgage default deluge on the way............
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