Posted by jj on June 06, 2011 at 12:13:51:
In Reply to: re: Settin record straight on mortgage arrears posted by Troy McClure on June 05, 2011 at 13:05:19:
I missed this article to be honest - live abroad.
Not sure how he gets to his 25k and he is inferring the length of time that they have missed coupons. I can't provide any rebuke to the numbers, because neither of us have the constituent numbers.
Also, not aware what he is referring to to been outside the Central Bank moratorium, as I wasn't aware tehre was a time limit.
But it re-iterates that borrowers should confront the problem as soon as they are aware of it and burying ones head in the sand is unproductive.
The original article points out that although undesirable any people, the number who are having their house repossessed are relatively low.
Second the article asks for debt forgiveness if the house is sold and still negative equity after a period of time (it suggests 5 years).
Not sure what stark reality - 35k out of a total of 782k, less than 5%, are long term mortgage arrears, is a relative low number.
Thanks for the article. I don't disagree with the wage deflation, higher stealth tax, and interest rates are concerning, but I do think it will have a disproportionate effect on consumer spending but after 2-3yrs of crisis over 90% of people are and are likely to continue to meet debt repayments on their mortgage.
Consumer confidence is fickle - just look at the equity markets recently.
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