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Increase in real estate foreclosures

  

yle.fi | January 4, 2015

Compulsory auctions have declined in recent years as properties are sold online or through estate agents. Although there's been a 10-20 percent increase in foreclosures in Finland, unpaid debt by the average person has decreased slightly while it has increased for businesses and other groups.

Financial uncertainty has increased the number of real estate and other foreclosures, says Juhani Toukola, Director of the National Adminstrative Office for Enforcement.

”The exact 2014 figures are not in yet, but our numbers indicate continued growth in the realisation of real estate, for example,” says Toukola.

The trend has continued for several years, according to Toukola. the annual growth rate in the foreclosure market in Finland is about 10-20 percent, which is significant. This includes property shares, real estate and vehicles from businesses, as well as regular citizens who need to sell possessions and property in order to pay off debt.

Forced auctions have declined significantly. Instead, seized material is sold through estate agents or internet auctions. An indebted person may also try to sell their own property, says Toukola.

“The goal, of course, is that the best possible price is achieved: that is important for both creditor and debtor," adds Toukola.

Indebted businesses on the rise

Since regulations on qualifying for quickie loans were tightened, the number of people who end up with debts that they cannot pay off has decreased. As there is no longer a mandatory television license that needs to be paid, the number of people on the foreclosure list has decreased.

On average, one third of debt is realised. How much outstanding debt is collected rises every year; currently, the annual figure stands at about 1 billion euros.

Toukola sees other reasons for the increase in foreclosures.

”The poor economic situation certainly plays a role. However, recent statistics indicate that the average person's share of unpaid debt that needs to be collected has decreased slightly, while for businesses and other groups it has grown," says Toukola.

 

Back to January 2015 Archive

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