Canada: Quebec Foreclosure Rates Drop

Quebec ForeclosuresThe number of properties that went into foreclosure, or were seized by mortgage lenders because of non-payment of debt, fell by 15 per cent in Quebec last year to 2,356.

That compared with 2,782 properties seized in 2009. The findings were reported recently by economist Paul Cardinal of the Quebec Federation of Real Estate Boards.

That’s good news for the real-estate market and tells us that relatively few Quebecers are overextending themselves with mortgage debt to the point where they lose their homes. I’m even willing to bet that the vast majority of those foreclosed properties did not belong to “mom and pop” borrowers, but to speculators who miscalculated the risk and reward when they purchased a fixer-upper or launched a development project.

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Full Story from the Montreal Gazette

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