Some news from across the pond now that could well have a ripple effect throughout the UK… Banks in the US repossessed the second highest monthly number of homes ever last month and the number of home owners facing foreclosure rose as an unappetising job market prevented them from making payments.
Real estate data company RealtyTrac reckon around 1 million homes will be repossessed across the US this year with lenders taking 92,858 properties in July alone, to put that in context: 92,000 is more than double the amount forecast in the UK over an entire year. Ultimately, it’s not looking good over there which means the number of repossession order notices over here could be going up. Watch this space.
