Mortgagee sales not likely to spike up in 2020 despite recession

The total number of mortgagee listings for the first half of this year dropped to 177, from 305 in the same period last year, according to Knight Frank Research. While the number of listings from now till the year's end may increase, analysts say it
The total number of mortgagee listings for the first half of this year dropped to 177, from 305 in the same period last year, according to Knight Frank Research. While the number of listings from now till the year's end may increase, analysts say it will likely not exceed last year's 13-year high of 657.ST PHOTO: LIM YAOHUI

Analysts attribute this to deferments of loan repayments and auctions being disallowed

Even as Singapore's economic outlook worsens, there probably will not be a sharp spike in mortgagee sales this year because of government relief measures such as a deferment of loan repayments, and banks holding off on foreclosures until the loan deferment period ends.

In addition, real estate auctions were suspended during the circuit breaker for nearly two months until June 1, and even now, auctions are still not allowed as physical gatherings of more than five people are forbidden, analysts said.

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A version of this article appeared in the print edition of The Straits Times on July 30, 2020, with the headline 'Mortgagee sales not likely to spike up in 2020 despite recession'. Print Edition | Subscribe