Repossessions Up, House Prices Down

October 28, 2008

Further evidence today from the FSA that the real economy is being hit very hard. House repossessions have gone up between April and June of this year from 6,476 to 11,054, a staggering rise of 71%. House prices are down 8% in the year to September and the Bank of England predicts that 1.2 million homes could soon be in negative equity. Bearing in mind that we aren’t officially in a recession, how bad are things going to get?