Repossessions as a ray of good news

According to the Council of Mortgage Lenders, there were 78,400 repossessions in the five years to 2007. They now forecast that this will rise fivefold to about 350,000 during the next five years. In fact, it seems that in about 25% of the properties now going into residential auctions are repossessions. The only ray of good news from this for estate agents is that it will perhaps cause sellers to realise they have to drop their asking prices when they see similar properties going at lower figures at auction. The agony will only end when sellers and buyers finally start to agree on the value of properties.