Figures released from the UK show repossessions of British homes jumped by a staggering 71% in the second quarter of 2008. The Financial Services Authority states that the number of homes repossessed was up to 11,054, an increase from 6,476 a year earlier as the increase in borrowing costs put greater pressure on borrowers’ ability to pay their mortgages.
British Home Repossessions Massively Increase
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