The last two quarters of 2008 have seen a steady increase in the number of mortgage possession orders reaching the county courts, and this is according to data and statistics that have been released by the UK's Ministry of Justice. In England and Wales, there have been a total sum of 29,516 issued orders for mortgage possession, which is a surprising increase over the last quarter, by as much as 4 percent. What is even more alarming is the fact that in comparison with the third quarter of the previous year, this jump in mortgage possession orders is a 24 percent increase.
Possession orders do not always necessarily end in the repossession of a home, though the figures that the FSA or Financial Services Authority is releasing show an increase of 92 percent on the amount of homes that have actually been repossessed in the third quarter of the year 2008. The Financial Services Authority has also reported that a total sum of 13,161 houses have been repossessed by local lenders in the third quarter of last year, as in this grim economic status continues to cause households all over the United Kingdom to struggle with the repayments of their home loans.
In comparison to the third quarter of 2007, the number of mortgage possession claims has only climbed by a total of 9 percent, but the amount of mortgage possessions that were ordered by the County Courts is still quite on the rise. Wales has been hit the hardest by region, with an increase of 38 percent since the third quarter of the prior year. The lightest blow went to the Midlands, which saw an increase of only 16 percent. More about these figures, which were released by the Financial Services Authority, can be found in this article, Mortgage possession orders and home repossession continues to rise.
The findings by the Financial Services Authority are indicating the harsh reality of what happens when home owners are not able to keep up with their mortgage payments. Despite the fact that the number of homes that are being reported as repossessed is significantly smaller than the number of orders for repossession that have been issued, there is still a sharp increase in the number of homes being repossessed, indicating a tumultuous year not only for home owners, but also for lenders as well.
While the United States seems to be experiencing the most turbulence in relation to the global economic crisis, many other countries around the globe are feeling the same blows. Homeowners are not the only ones feeling the credit and mortgage crunch, either, as renters all over the United Kingdom are also feeling the burn. It's not just UK homeowners who are struggling with their finances, because as many as 36,923 landlords had to file possession claims, with approximately 28,086 of those claims granted in the third quarter of the year 2008 alone.
All of these figures from the FSA are indicating that we are in for a rough time in the housing market worldwide. The credit crunch is going to continue to make lenders much more hesitant to grant loans and mortgages, while households all over the United Kingdom and across the globe suffer the effects of both rising mortgage costs and household bills.
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