❓ A parliamentary question seeks data on home repossessions in WA from 2004-2007 to understand mortgage stress. The answer explains that this data isn't formally published and may not accurately reflect mortgage stress levels.
AnsweredQoN 267Legislative Council
Asked
1 April 2008
Member
Portfolio
parliamentary secretary representing the Treasurer
QuestionView source ↗
HOMEOWNERSHIP — BANK OR FINANCE COMPANY REPOSSESSION
I refer to mortgage stress in Western Australia. For the years 2004, 2005, 2006 and 2007, how many homeowners have had a bank or finance company foreclose and repossess their house? Hon KATE DOUST
I refer to mortgage stress in Western Australia. For the years 2004, 2005, 2006 and 2007, how many homeowners have had a bank or finance company foreclose and repossess their house? Hon KATE DOUST
AnswerView source ↗
I thank the honourable member for some notice of this question. Information on bank foreclosures and repossessions referred to in the media appear to have been sourced from the relevant courts and/or court lists. However, to the best of our knowledge, this information is not formally published in Western Australia or any other jurisdiction. It is obtained by specific request to the courts and supplied at their discretion. More generally, court-derived statistics on foreclosures and repossessions may not be a good indicator of severe mortgage stress because firstly, many affected homeowners will seek to sell their home—with or without consultation with their lender—before legal proceedings become inevitable, and secondly, some forced sales may be due to reasons other than mortgage stress—for example, the recovery of other debts.
Hon KATE DOUST replied: I thank the honourable member for some notice of this question. Information on bank foreclosures and repossessions referred to in the media appear to have been sourced from the relevant courts and/or court lists. However, to the best of our knowledge, this information is not formally published in Western Australia or any other jurisdiction. It is obtained by specific request to the courts and supplied at their discretion. More generally, court-derived statistics on foreclosures and repossessions may not be a good indicator of severe mortgage stress because firstly, many affected homeowners will seek to sell their home—with or without consultation with their lender—before legal proceedings become inevitable, and secondly, some forced sales may be due to reasons other than mortgage stress—for example, the recovery of other debts.
I thank the honourable member for some notice of this question. Information on bank foreclosures and repossessions referred to in the media appear to have been sourced from the relevant courts and/or court lists. However, to the best of our knowledge, this information is not formally published in Western Australia or any other jurisdiction. It is obtained by specific request to the courts and supplied at their discretion. More generally, court-derived statistics on foreclosures and repossessions may not be a good indicator of severe mortgage stress because firstly, many affected homeowners will seek to sell their home—with or without consultation with their lender—before legal proceedings become inevitable, and secondly, some forced sales may be due to reasons other than mortgage stress—for example, the recovery of other debts.
Information on bank foreclosures and repossessions referred to in the media appear to have been sourced from the relevant courts and/or court lists. However, to the best of our knowledge, this information is not formally published in Western Australia or any other jurisdiction. It is obtained by specific request to the courts and supplied at their discretion. More generally, court-derived statistics on foreclosures and repossessions may not be a good indicator of severe mortgage stress because firstly, many affected homeowners will seek to sell their home—with or without consultation with their lender—before legal proceedings become inevitable, and secondly, some forced sales may be due to reasons other than mortgage stress—for example, the recovery of other debts.
Hon KATE DOUST replied: I thank the honourable member for some notice of this question. Information on bank foreclosures and repossessions referred to in the media appear to have been sourced from the relevant courts and/or court lists. However, to the best of our knowledge, this information is not formally published in Western Australia or any other jurisdiction. It is obtained by specific request to the courts and supplied at their discretion. More generally, court-derived statistics on foreclosures and repossessions may not be a good indicator of severe mortgage stress because firstly, many affected homeowners will seek to sell their home—with or without consultation with their lender—before legal proceedings become inevitable, and secondly, some forced sales may be due to reasons other than mortgage stress—for example, the recovery of other debts.
I thank the honourable member for some notice of this question. Information on bank foreclosures and repossessions referred to in the media appear to have been sourced from the relevant courts and/or court lists. However, to the best of our knowledge, this information is not formally published in Western Australia or any other jurisdiction. It is obtained by specific request to the courts and supplied at their discretion. More generally, court-derived statistics on foreclosures and repossessions may not be a good indicator of severe mortgage stress because firstly, many affected homeowners will seek to sell their home—with or without consultation with their lender—before legal proceedings become inevitable, and secondly, some forced sales may be due to reasons other than mortgage stress—for example, the recovery of other debts.
Information on bank foreclosures and repossessions referred to in the media appear to have been sourced from the relevant courts and/or court lists. However, to the best of our knowledge, this information is not formally published in Western Australia or any other jurisdiction. It is obtained by specific request to the courts and supplied at their discretion. More generally, court-derived statistics on foreclosures and repossessions may not be a good indicator of severe mortgage stress because firstly, many affected homeowners will seek to sell their home—with or without consultation with their lender—before legal proceedings become inevitable, and secondly, some forced sales may be due to reasons other than mortgage stress—for example, the recovery of other debts.
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