InsiderBusinessSpike in foreclosure letters

Spike in foreclosure letters

The number of warning letters sent by banks warning borrowers they intend to foreclosure doubled in the second quarter of 2018, Phileleftheros reported on Monday.

It said banks sent a total of 1496 letters in the second half of 2018 compared to 792 in the first quarter and 647 in the last quarter of 2017.

Of the 6,869 properties for which foreclosure notifications have been sent since the third quarter of 2015, only 214 or 3.11% of properties had been sold in the first auction by June 2018 .

No primary homes were sold in the second quarter, but 13 houses/apartments ready or under construction, two commercial properties and eight plots of land were sold.

Central Bank figures show that in the second quarter 317 warning letters concerned commercial properties — compared to 143 in the first quarter.

A total of 41 letters were sent for primary homes/apartments, up from 35,  and 196 (from 121) for plots of land. Moreover 769 (from 422) were for rural plots. A letter was also sent for a hotel.


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