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More homes being repossessed

  • 06-07-2008 1:58pm
    #1
    jetski
    Registered Users, Registered Users 2 Posts: 820 ✭✭✭


    The number of home repossessions has more than doubled in one year, according to figures released by the Courts Service.

    The total number of possession orders issued by the High Court for 2007 was 108, 59 of which occurred in the first six months. Already this year the Court has issued 126 such orders, showing a significant increase.

    The numbers of originating summonses issued in which home possession was the principal cause of action has also jumped dramatically. In the first six months of this year, 254 such summonses have been issued, compared to 187 for the same period in 2008.

    http://www.rte.ie/business/2008/0704/houses.html


Comments

  • #2
    Bluefoam
    Registered Users, Registered Users 2 Posts: 7,754 ✭✭✭Bluefoam


    Thanks for the info. :)


  • #3
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,552 Mod ✭✭✭✭johnnyskeleton


    Don't forget that High Court ordered repossessions are just the tip of the iceberg.

    There are also Circuit Court repossessions (for normal sized houses with non-subprime lenders), repossessions by consent and people who, while not having their houses repossessed, will be forced to sell by the bank (more or less a repossession).


  • #4
    seahorse
    Closed Accounts Posts: 1,164 ✭✭✭seahorse


    johnnyskeleton wrote: »
    Don't forget that High Court ordered repossessions are just the tip of the iceberg.

    There are also Circuit Court repossessions (for normal sized houses with non-subprime lenders), repossessions by consent and people who, while not having their houses repossessed, will be forced to sell by the bank (more or less a repossession).

    Taking all that into account, I wonder what the true figure is? Or is there any way to find out?


  • #5
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,552 Mod ✭✭✭✭johnnyskeleton


    seahorse wrote: »
    Taking all that into account, I wonder what the true figure is? Or is there any way to find out?

    I'm sure the central bank know but are just not telling us. At very least, each bank will know exactly what their real repossession rate is and I think it's fairly obvious that what at least one of the bank heads who met with the oireachtas last week said was completely untrue about arrears.


  • #6
    seahorse
    Closed Accounts Posts: 1,164 ✭✭✭seahorse


    johnnyskeleton wrote: »
    ..I think it's fairly obvious that what at least one of the bank heads who met with the oireachtas last week said was completely untrue about arrears.

    What was said Johnnyskeleton? I missed that in the news.

    Several of my friends and some family members are mortgaged up to the eyeballs, or past their eyeballs rather. I honestly dont see some of them being able to keep afloat if their mortagages keep rising; I'm getting nervous for them while thanking God it's not me!


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