Foreclosures feared to surge 15% in 2015

Mortgage sales will jump by 20%.

Eight out of ten developers believe that there will be more foreclosures and mortgage sales in 2015, the NUS-Redas Real Estate Sentiment Index revealed.

The majority of respondents believe that mortgage foreclosure will increase by 15% while mortgage sales will jump by 20% this year.

Recent data from Colliers showed that 159 properties were put up for auction by mortgagees in 2014, a fivefold increase from just 32 properties in 2013.

“The higher number of mortgagee listings this year was on the back of the stricter regulatory and financing environment, in which borrowers in default are finding it challenging to sell their properties on their own, as buyers generally remain cautious,” said Annie Chan, Director of Auction & Sales at Colliers International.