Repossessions drop to lowest level in 5 years

The number of repossessions has fallen to its lowest level since 2007 – despite the continued weakness of the economy.

A total of 8,200 properties were seized in the third quarter of this year, down from 8,500 over the summer and the lowest seen in a single quarter since 2007, the Council of Mortgage Lenders said. There have been 26,300 repossessions this year so far, showing a eight percent drop on the same period a year ago, the council said.

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The figures indicate the overall number of repossessions this year will be far below the CML’s previous forecast that numbers could rise to 45,0000 by the end of 2012.

‘Good communication and effect arrears management by borrowers, lenders and money advisers are helping the cast majority of those with mortgage repayment problems,’ said CML director general Paul Smee.

Meanwhile, Ministry of Justice figures yesterday showed 14,168 repossession actions started in courts across England and Wales between July and September, continuing a downward trend since 2008. source

Is this article demonstrating that we may be truly out of recession and on the rise once more?

Should banks and business start offering credit again or is that where it all went wrong to begin with?

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