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The number of homes repossessed soared by 21% last year to reach an eight-year high, and experts have warned the situation is likely to get worse.

A total of 27,100 homes were taken back by lenders in 2007 after their owners failed to keep up with mortgage repayments, more than triple the number three years ago, according to the Council of Mortgage Lenders.

The figure was well down on the high of 75,540 repossessions reached during the house price crash in 1991 and 10% below the CML's own forecast for the year.

But the group warned that the situation was likely to get worse during 2008 as mortgage lenders tightened their lending criteria in the face of the global credit crunch and the economic outlook worsened......Article conts (-)

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