Tuesday, April 14, 2009

Houses Repossessed in WA as mortgage defaults skyrocket

Recently, it was reported in the West Australian that home seizure court cases have increased by 140% in the past year!! In only the last three months to March 2009, there were 400 applications for repossession filed in the WA Supreme Court. This has been increasing every quarter for the past year.

Most likely to be repossessed - properties outside of the metropolitan area such as Bunbury. There has also been a 15% increase in bankruptcies in the past year according to SV Partners.

Most typical defaulters - non-conforming loan holders, high-risk borrowers with bad credit, because their interest rates were still high, or those with fixed-interest loans. 

Article from here

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