Today is a big number day. The Council of Mortgage lenders will announce the latest home repossession data. The number will be bad, and could possibly reach the levels seen in the mid-1990s. Whatever number the CML publishes today, 2008 will be worse than 2007. Around 1.4 million UK homedebtors are coming off those teaser rates this year. From here on out, repossessions are going to soar.
The bubble is over because the repossessions numbers tell us so.