Number of real estate auctions that failed to pay off loans this year, highest in 11 years

Real estate, which has been auctioned off this year because it failed to pay back loans on time, is expected to hit the highest level in 11 years since 2013.

According to the court registration information square, the number of registration applications for the decision to start a voluntary auction of real estate by November this year was 129,000, the largest since 2013 even without counting in December.

The increase in the number of auctions seems to be in the aftermath of high interest rates and the real estate recession, with 60,000 auctions in 2021 and 22 during low-interest rates, up from 105,000 last year.

It is analyzed that the reason for the increase in voluntary auctions since last year is the situation of purchasing a house with the so-called "zero price" in anticipation of a rise in real estate prices.