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| Repossessions reach 14-year high | Repossessions reach 14-year high |
| (10 minutes later) | |
| The number of people who had their homes repossessed reached a 14-year high during 2009, figures have shown. | The number of people who had their homes repossessed reached a 14-year high during 2009, figures have shown. |
| The Council of Mortgage Lenders (CML) said 46,000 homes were repossessed last year, the highest number since 1995. | The Council of Mortgage Lenders (CML) said 46,000 homes were repossessed last year, the highest number since 1995. |
| That was an increase of 6,000 on the total for 2008, but was lower than the CML's most recent forecast of 48,000. | That was an increase of 6,000 on the total for 2008, but was lower than the CML's most recent forecast of 48,000. |
| Lenders took 10,200 properties into possession in the fourth quarter of 2009 - 13% lower than in the third quarter. | Lenders took 10,200 properties into possession in the fourth quarter of 2009 - 13% lower than in the third quarter. |
| In December 2008 the CML had predicted 75,000 homes would be repossessed in 2009, | |
| On Thursday director general Michael Coogan said: "The fact that mortgage arrears and possessions did not rise as much as we feared in 2009 is testament to the effect of low interest rates and a great deal of concerted effort by lenders, government and the advice sector to help borrowers to address financial difficulties when they occur." | |
| However, he added: "We are not out of the woods yet - 2010 will still be a challenging year for many borrowers, and some households will inevitably find their finances being squeezed if and when interest rates do eventually rise." |