After protestations, I found out that the final report of repossessions in 2009 was actually 49,000. The difference between that and the 29,000 in 2013 is 20,000 in 4 years i.e. 5,000 per year. So, in 5 years we should achieve 25,000.
The protests continued: it gets progressively harder to reduce repossessions from lower and lower figures. First, a brief history of repossessions and unemployment:
Year | Repossessions | Unemployment |
---|---|---|
2008 | 40,000 | 5.5% |
2009 | 49,000 | 7.8% |
2010 | 36,000 | 8.0% |
2011 | 36,000 | 8.4% |
2012 | 34,000 | 7.9% |
2013 | 29,000 | 7.2% |
As you can see, the difference in repossessions between 2010 and 2011 is zero; between 2011 and 2012 it is 2,000; between 2012 and 2013 it is 5,000. In other words, as the repossessions gets smaller, the difference gets larger.
Notice also that the period Q4 2008 to Q1 2013, the economy was in recession and we are now in a recovery which has taken hold. Also notice that there's now no relationship between repossessions and the rate of unemployment.
A paradigm shift has taken place during the recession. It's true that adversity concentrates the mind.
So the target for December 2018 is 9,000 repossessions. I have no forecast for unemployment yet. But lets have a look at the history of recessions. Unfortunately, we didn't have a recession at the turn of the century so there seems to be a loss of continuity:
Year | Unemployment |
---|---|
1981 | 12.0% |
1991 | 10.8% |
2011 | 8.4% |
This proves beyond a shadow of a doubt that society is becoming more humane i.e. socialist. The above figures imply that, if we had a recession in 2001, the peak unemployment figures would've been approx 9.6%. Notice that the peak unemployment figures are coming down substantially. Repossessions in 1991 were 75,000 and in 2009 it was 49,000 - a tremendous reduction but it covers a longer period.
In the past, peak repossession used to coincide with peak unemployment but not anymore.