If you were here yesterday, you’ll have read about the recently released FSA figures and the high repossession numbers for 2009. The only good news came in the final quarter with repossession and new arrears cases falling by 15 and 9% respectively. But anyone looking for good news should stop reading there because by the end of 2009, around 378,000 borrowers had gone into arrears on their mortgage repayments.
The FSA figures fall broadly in line with those announced by the CML and both groups reported the highest level of arrears since 1995. The only saving grace is that the number of people actually facing house repossession in 2009 was lower than the 75,000 originally predicted.
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