Banks declare fall in repossessed houses
http://www.fin24.com/PersonalFinance/Property/Banks-declare-fall-in-repossessed-houses-20100718
The number of houses that banks have had to repossess owing to mortgage defaults has declined, but there seems to be no pattern regarding price categories of most of the repossessed houses, South Africa’s largest banks say.
At Nedbank the average price of houses taken back is between R350 000 and R400 000, with very few exceeding R1m while at First National Bank (FNB) most of the repossessed houses fall in the price range R800 000 to R900 000. Dwellings on which large mortgages have been granted are a problem at Absa, the country’s largest retail bank says. Nedbank currently has 1 800 repossessed homes, but these comprise less than 1% of its total home loan book.
At Absa, the number of repossessed houses represents less than 0.01% of all home loans. Standard Bank declined to comment. The banks ascribe the decline in the number of repossessed houses to their efforts to help homeowners to either keep their houses or sell them.
(via Instapaper)
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