27 Jan '15, 5am

Sales of repossessed units could rise by 33%

Comment E-mail to friend Bookmark & Share The numbers of borrowers who have defaulted their housing loans are growing amidst falling residential prices and a weak rental market stemming from the government’s curbs. In fact, 118 repossessed homes were auctioned by banks last year, about tenfold the figure seen for the whole of 2013, said Mok Sze Sze, Head of Auction and Sales at JLL. Nevertheless, only a small percentage of Singaporeans are struggling to repay their housing loans. As of 30 September 2014, less than 1 percent of mortgages were overdue with their monthly instalments by over 30 days, based on a central bank report last December. However, defaults in non-performing loans have edged up to 0.36 percent during the first three quarters of 2014 compared to 0.28 percent previously. The marginal gain is caused by delinquent borrowers who purchased luxury homes. Collie...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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Sales of repossessed units could rise by 33%

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