Home repossessions hit 8-year high in 2007

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In the second half of last year, 13,500 homes were repossessed, marginally below the 13,600 in the first half of the year.

For the full-year, CML said repossessions were 10 percent lower than they had expected. However, the warned repossessions were likely to rise this year.

"The number of repossessions is likely to he higher in 2008 as a result of wider issues in the economy and the mortgage funding markets," said Michael Coogan, CML director-general.

(Reporting by Alastair Sharp)