Foreclosure threat eases in Britain

LONDON, Nov. 12 (UPI) -- The Council of Mortgage Lenders said the fear of foreclosure in Britain had eased, predicting repossessions more than 35 percent lower than estimated earlier.

The council forecast 48,000 foreclosures, not 75,000, would occur this year, The Times of London Online reported Thursday.

Foreclosures in the third quarter dropped 7 percent to 24,337, compared with the second quarter, the Ministry of Justice said.

"Low interest rates and lenders' forbearance policies have helped to cushion many households facing financial problems. And although the economy is not out of the woods yet, we no longer expect a dramatic rise in properties being taken into possession unless interest rates rise," said Michael Coogan, director general of the CML.