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A study carried out by credit ratings agency Moody's Investors Service of the
mortgages taken out between 1985 and 2003 shows how home-buyers at the peak of
the housing boom were much more likely to get into financial trouble.
Over 7% per cent of borrowers who took out mortgages in 1989 have had their
properties repossessed.
Jonathan Livingstone, analyst and co-author of the report, said mortgages taken
out between 1985 and 1987 were less than half as likely to fall into default as
loans taken out between 1988 and 1990.
Consumers who took out mortgages in 1989 had just a few months to benefit from
rising house prices before the property market crashed.
Source:
Getting Paid
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