Repossession and mortgage default cases fall

Repossession and mortgage default cases fall

25 August 2009 by Staff Reporter 0 comments

The number of house repossessions between January and July 2009 has fallen 30 per cent compared with the same period last year, figures from the NSW Sheriff's office have revealed.

According to the statistics, 300 fewer homes were forcibly taken from their owners in the months to July compared to last year.

There were 77 repossessions in June, the lowest number in 18 months, down from 151 in January.

But while the number of repossessions has been greatly reduced, the data showed that the number of mortgage default cases seen by the NSW Supreme Court in the past 12 months fell only slightly. And with interest rates set to rise, it seems unlikely that default cases will fall further in the coming months.

The number of house repossessions between January and July 2009 has fallen 30 per cent compared with the same period last year, figures from the NSW Sheriff's office have revealed.

According to the statistics, 300 fewer homes were forcibly taken from their owners in the months to July compared to last year.

There were 77 repossessions in June, the lowest number in 18 months, down from 151 in January.

But while the number of repossessions has been greatly reduced, the data showed that the number of mortgage default cases seen by the NSW Supreme Court in the past 12 months fell only slightly. And with interest rates set to rise, it seems unlikely that default cases will fall further in the coming months.

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