/europe
LONDON, England (AP) -- The government says mortgage repossession orders in England and Wales were up 17 percent in the first quarter of the year compared to the same period in 2007.
Some 27,530 mortgage possession orders were made during the period, though 47 percent were suspended, the Ministry of Justice reports Friday.
The number of mortgage possession claims rose 16 percent to 38,688, the report says.
Both figures are the highest since 1993.
The number of claims was up 7 percent compared to the fourth quarter, and the number of orders was up 9 percent compared to the previous quarter.
Howard Archer is chief European economist at Global Insight. He says the report underlines the limited impact of a series of cuts in the base interest rate this year.
Copyright 2008 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
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