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Repossessions boom - 23/03/2009
More than 2,100 households in Victoria faced repossession action in the six months to December, according to Supreme Court records. Fifty five repossession claims per week were made in the second half of 2008.
In the first two and a half months of 2009, that number climbed to 68 per week as another 745 families faced repossession action.
The south eastern suburbs of Melbourne have been described as the repossession hotspot with Cranbourne and Narre Warren recording the highest numbers of repossession actions in the six months to the end of December.
Most households now facing repossession took out loans in 2007 with very few repossession actions taken against long term borrowers.
Source: Sunday Herald Sun
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