SEOUL, Jan. 24 (Korea Bizwire) — The number of buildings put up for court auction has increased since October of last year following the government’s introduction of stricter regulations for loans and higher interest rates.
The National Court Administration reported that the number of court auction registrations last year went from 5,521 cases in September to 6,196 cases in October and 6,804 cases in November.
Seoul Southern and Western District Courts received 54.6 percent and 46.6 percent more registrations for court auctions in November than in September.
In greater Seoul area, Incheon District Court Bucheon Branch and Suwon District Court Ansan Branch saw court auction registrations jump by 70.1 percent and 60.4 percent, respectively.
Court auctions cover all real estate and movable assets including homes, land and commercial property but homes take up the majority of all court auctions.
With stricter regulations on loans and higher interest rates, an increasing number of properties are being turned over to court auctions.
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