Home repossessions drop sharply



The number of homes repossessed fell markedly in the fourth quarter of 2010, according to figures published by the Council of Mortgage Lenders, but the organisation warned the figures may reverse if interest rates rise and when coalition spending cuts kick in.


There were 7,900 repossessions between October and December, down 11% from 8,900 in the third quarter. It is the fifth consecutive quarterly decline and is 26% less than the 10,700 repossessions in the final quarter of last year.


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