15 Oct '15, 4am

Report: Loan defaults were the reason more homes went on the auction block between Jan-Sep

Comment E-mail to friend Bookmark & Share Close to 55 residential properties were put up for mortgagee sale from January to September 2015, exceeding the total number of homes put up for mortgagee sale for the whole of 2014, revealed a DTZ report. The report attributed the increase in mortgagee sales to a confluence of various factors. Some homeowners defaulted because they lost their jobs due to restructuring and consolidation of the commodity and financial sectors, while others lost their wealth through the volatile commodity and equity markets. Meanwhile, foreign labour restrictions have further compounded the monetary difficulties faced by equity-constrained owners who depend on rental income to finance their mortgage payments. “With the Chinese economy slowing down and a subdued growth forecast of the global economy, it is likely that highly-coveted and rarely transac...

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

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