House seizures fall in June 2010

Published on by Association des Propriétaires du Québec

Topic(s): Real estate

Source: Argent

House seizures fall in June 2010

The number of house seizures fell in June for a third consecutive month, in Quebec.

 

The Firm GDL Crédit Ressource revealed that 193 property owners have been forced to hand in the keys of their residence in June. This is a fall of 7,8% compared to the same period last year, when a five-year old record had been established, with 208 seizures.

 

The majority of the seized properties are located in the areas of Laval, the Laurentians, as well as in the Montérégie and in Montreal.

 

The average mortgage balance of the seized properties rose to more than 146.000$.

 

The notices of seizure, which are an indicator of the trend, were also on the decrease.

 

In June, 760 notices were sent, which represents a fall of 16,3% over June 2009. The area of Laval-Laurentides arrives at the head with the number of notices, that is to say 164, followed by Montreal (139) and the Montérégie (125).

 

The notices do not necessarily lead to a seizure, but they are addressed to a property owner who is defaulting on his payment.

 

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