The seizures of houses have decreased in September for a sixth consecutive month. They diminished by 24,5% compared to the same period in 2009. On the whole 238 households were forced to hand in the keys of their property because of financial difficulties.
The average mortgage balance of the 238 seized properties throughout Quebec amounts to 165.256$ for a total of more than 39 M$.
The retreat of the seizures should continue in the next few months because the notices emitted by the financial institutions also decreased in September.
The lenders must send a notice to the bad debtors 60 days before seizing their residence in order to give them a chance to honour their credit.
These notices slipped 17,3% in September to amount to 744. This is about the seventh consecutive monthly fall since the beginning of 2010.