Chart of the Day: Residential mortgagee sale listings up 14.4% in Q3

This marks the sixth consecutive quarterly increase since Q2 2018.

This chart from Knight Frank shows that the number of residential listings under mortgagee sale rose by 14.4% QoQ to 103 listings in Q3 in what marks the sixth-consecutive quarterly increase since Q2 2018. On a yearly basis, the number of residential listings under mortgagee sales surged by 77.6% YoY.

The increase in residential listings under mortgagee sale was attributable to added pressures on owners that were overly exposed amidst heightened volatility in the financial markets and retrenchments in industries undergoing restructuring.

In Q3, the 3M-SIBOR rate declined for the first time since Q1 2018, lowering from 2.002% in June 2019 to 1.877% in September. Growth in interest rates are generally correlated to higher mortgagee sale listings.

“Given that the impact of interest rate on number of mortgagee sale listings is lagged, it is too early to determine whether the lower interest rate will provide a reprieve for homeowners,” the report noted.

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