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Arrears & Possessions Decline in Q4
According to the Council of Mortgage Lenders (CML) repossessions of properties in Q4 was 13% lower than the previous quarter. In 2009 the number of repossessions totaled 46,000 which was considerably lower than the CML’s forecast of 75,000.
The CML have announced that their forecast of 53,000 repossessions for 2010 may be a little negative given that unemployment rates are decreasing.
General Director of CML, Michael Coogan commented: “The fact that mortgage arrears and possessions did not rise as much as we feared in 2009 is testament to the effect of low interest rate and a great deal of concerted effort by lenders, government and the advice sector to help borrowers to address financial difficulties when they occur."
