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Old 10-30-2005, 04:03 PM
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Lightbulb More homeowners in financial stress now

Repossession orders have been on the increase since early 2004.

The figures show the total number of homeowners being taken to court by lenders pursuing mortgage debt rose 55% to nearly 30,000.

The Department for Constitutional Affairs figures will add to concerns about debt and the housing market.

"The increase in mortgage possessions fits with the slowdown in house price inflation," Alan Clarke, UK economist at BNP Paribas, said.

"The conclusion is there are still signs of financial stress among homeowners," he added.

Lower than average

In July, the Council for Mortgage Lenders (CML) said there were 4,640 homes repossessed during the first half of 2005 compared with 3,070 for the previous six months.

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