Repossessions Up, Sales Down In The UK
The UK is ahead of the US in the housing cycle, so the experiences there may be replayed in other overbought markets. ThisIsLondon reports, "According to statistics from the Department for Constitutional Affairs, banks and building societies applied to the courts for 25,869 repossessions in the first quarter of the year, up more than a third."
"At the same time, Britain's biggest estate agency chain revealed it was selling up to 30 per cent fewer homes than last year and warned the stock market that it made a loss in the first three months of 2005."
"Rising property repossessions normally spell bad news for the property market as the houses and flats are sold at a knockdown price by lenders, dragging down average values."