31 Mar '16, 8am

Mortgagee sales at eight year high, says Colliers | Edge Property Singapore

Mortgagee sales at eight year high, says Colliers | Edge Property Singapore

In the first three months of 2016, a total of 70 properties put up for auction were mortgagee sales or foreclosed assets. The figure is equivalent to the number of mortgagee sales in 4Q2015. The last time mortgagee sales breached that level was in 2Q2008 when 71 properties were foreclosed, according to Colliers in its March 30 auction report. Compared to 1Q2015, there was a 25% y-o-y jump in the number of mortgagee sales, which reflects the mounting difficulty of property owners in servicing their monthly mortgage payments, says Grace Ng, Colliers’ deputy managing director. The situation is further aggravated for those who own multiple properties, particularly in light of current economic uncertainties, a slowdown in China, the risk of further interest rate hikes, rising unemployment risk, stock market turbulence and a more sombre property market, she adds. 1Q2016 saw the ...

Full article: http://www.theedgeproperty.com.sg/content/mortgagee-sales...

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