ARGUS COMMENT: Economy victims

10:13am Wednesday 12th March 2008

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IT is a worrying sign of the times that the number of mortgage repossessions in Gwent is rising, in some cases at what appears to be a staggering rate.

This is the world economic slowdown really beginning to bite at a local level.

For many it is the end of fixed-rate mortgage deals, taken out when rates were low, which are now the root of their problems.

The increased payments now needed are proving difficult and for those families not able to put down a significant deposit many remortgaging deals are also out of reach.

Rising gas, electricity and food prices are already causing financial strain for many families and unfortunately for almost 2000 people across Gwent last year, the pressures proved too much.

Behind every statistic of course are real people and the figures revealed today represent hundreds of families left in the terrible position of losing their homes.

We feel very sorry for these people, the majority of whom have just been trying to do the best for their families by buying their homes.

They are the innocent victims of the world economy.