According to court records, property repossessions in Queensland for the month of June 2008 have significantly increased as compared to the previous months. Court files show 100 repossessions for June 2008 and 83 homes have already been repossessed by mid July, as compared to an average of 85 per month to May. There were approximately 1,000 homes repossessed in Queensland last year.
The majority of actions were against borrowers in the Brisbane urban fringe and the Gold Coast. Economists said that high petrol prices and interest rates were to blame for the rise in the number of people losing their homes.
If you are experiencing mortgage stress, it is highly recommended that you speak with your lender or mortgage broker now.
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