Repossessions could soar to 82,000 this year

A property recovery company has estimated that the number of homes being repossessed by the end of the year could be as high as 82,000. PPR reported more than 2,900 enquiries by distressed sellers in the fourth quarter of 2008, which suggests that the number of mortgage possessions will be higher than predicted in 2009. The Council of Mortgage Lenders predicts 75,000 repossessions for the year.