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Real estate: house seizures decline

Real estate: house seizures decline

The seizures of properties stopped their upward trend in February after having progressed during the previous three months.
The Firm GDL Crédit Ressource revealed Friday that the mortgage lenders seized only 174 properties last month. This is a retreat of almost 16 % compared to February 2010.
In January, the seizures had rather climbed by almost 2,3 % compared to the same period last year.
The data had recorded important rises at the end of 2011 since the seizures climbed by 15 % in November and 18 % in December.
Nearly 400 owners lost their residence since the beginning of the year. That is 28 households less than after two months in 2011.
The notices of renunciation, the 60-day notices dispatched to the bad debtors by the lenders, have, as far as they are concerned, taken again their tendency to rise after a two-month break.
The financial institutions sent 806 of them in February. This is a jump of 3,2 % over 12 months.
The data have remained stable in December but, before, the number of seizures had grown for four consecutive months, from August to November.

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Québec Landlords Association (1)

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