Foreclosures, Delinquencies Still Low in the U.K.(possession of mortgages)

The number of delinquent mortgages and the number of properties taken into possession by mortgage lenders remained flat in the first half of 2004 compared with second half of 2003, according to figures released recently by the Council of Mortgage Lenders here.

"Out of 11.8 million mortgages outstanding at the end of June, only 3,240 properties were repossessed in the first half of this year - around 1 in every 3,650 mortgages," the council said. "This compares with 3,660 in the second half of 2003, and 4,230 in the first half of last year. At their peak in 1991, there were over 75,000 possessions."

The number of U.K. mortgages with long-term delinquencies continued to decline, but at a slower pace than in recent periods. At the end of June, there were 39,470 cases of mortgages delinquent by more than six months. This compares with 42,480 at the end of December last year, and 48,170 at the end of June 2003. The number of three to six month delinquency cases was 51,020 at the end of June, compared with 52,650 at the end of December 2003, and 61,710 at the end of June last year.

"This suggests that arrears are now at or very near to their trough - unsurprising, given ...