Property-related foreclosures not rising at an alarming pace; bankruptcy applications ticking up
SINGAPORE - The number of distressed property sales has not hit an alarming rate, but borrowers – both individuals and businesses – should weigh the impact of rising interest rates and slowing economic growth when taking loans, Minister of State for Trade and Industry Alvin Tan told Parliament on Tuesday.
MAS estimates that about 27,000 home owners with a mortgage from financial institutions refinanced their mortgages in the 12 months from March 2022 to February 2023. Mortgagee listings refer to properties that are up for sale after being repossessed by banks or financial institutions due to a loan default.
“Bankruptcy applications could pick up further as a small segment of more vulnerable borrowers face higher risks of financial distress amid higher interest rates and slower economic growth,” he told Parliament.
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