Recession reposessions

House reposessions rise

House reposessions have risen to a level last seen duing the recession of the 1990`s.

In the first quater of 2009 the number of homes that were siezed by building societies and banks topped the 12000 mark. Compared to 2008 this figure is up by over 50%.

EconomistHoward Archer, of IHS Global Insight, said: Home reposessions and individual bankrupcies still seem likely to rise significantly further. "we suspect the economy is highly likeley suffer relapses and doubt that sustainable recovery will develope until late 2010.

A government plan to help borrowers in trouble, the Mortgage Rescue Scheme, has helped only one family, it emerged recently.