CML cuts mortgage repo and arrears estimates

It now expects 175,000 mortgages to end the year 2.5% or more in arrears, compared with its previous forecast of 205,000. The trade body also expects a total of 39,000 repossessions to occur for 2010 as a whole, compared with the previous forecast of 53,000. The less pessimistic forecast follows better arrears and repossession figures, as the number of homeowners losing their homes to first charge mortgage lenders fell by 400 in Q2 from Q1 this year, according to CML figures. Property repossessions fell 5% to 9,400 from 9,800 in Q1, a drop of 17% from the same period a year earlier...