Repossession action climbs 16%
Written: 9th May, 2008
The number of homeowners facing court action after failing to keep up with mortgage payments is up in England and Wales, says the Ministry of Justice.
It says the number of mortgage possession claims - the first stage of the repossession process - rose 16% in the first quarter of 2008.
There were 38,688 claims compared with 33,344 in the same period of 2007.
The credit crunch has led to more expensive repayments for new mortgages and a cut in the availability of deals.
The number threatened with losing their homes was 7% higher than the final three months of 2007.
The number of mortgage possession orders - when a court grants an order for possession of a home - was also up, the figures show.
Some 27,530 mortgage possession orders were made in the first three months of the year, 17% higher than in the first quarter of 2007 and 9% higher than in the fourth quarter of 2007.
Source BBC news