Arrears figures down

Arrears and possessions are continuing to fall, writes Harriet Williams.

The Lord Chancellor&#39s department recorded 14,397 mortgage possession actions entered in the second quarter of 2002, down 14% on the 16,696 actions entered for the same period last year. Total possession orders made dropped 15% to 10,348.

But Bernard Clarke, communications manager at the CML, says: “This is probably the bottom of the curve. We are urging borrowers not to overextend themselves. If house prices slow down there will be fewer options for trading out of difficulty.”

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