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Homeowners hit by rising costs
THERE has been a sharp increase in the number of homeowners in the South West facing the threat of repossession, according to figures released by the Ministry of Justice.
The figures show county court cases involving cash-strapped homeowners in the region in the past three months have risen to 3,649, an increase of 17 per cent on the same period last year.
The figures are backed up by statistics released by homeless charity Shelter, which show more than 6,000 worried homeowners approached Shelter with mortgage problems in just the first three months of 2008, an increase of 38 per cent on the same period last year.
Shelter chief executive Adam Sampson said: "The worst fears of thousands of homeowners are now becoming a tragic reality.
"Homeowners are being hammered from all sides as they face the end of fixed term deals, are saddled with new costlier mortgages, and cope with soaring food and fuel bills. People are sinking in a sea of debt and sadly under the pressure, they are losing their homes."
3:49pm Saturday 10th May 2008
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