At the fall of the hammer

Owning a house especially in the urban areas is every resident’s grand dream. However, some have plunged into the deep end while overlooking the property market fundamentals. As ALLAN OLINGO found out, auctions from foreclosures are the latest trend hitting distressed home owners.

The real estate market was abuzz, fuelled by attractive loans and mortgage products. Then no one ever thought about the illiquid nature of real estate properties and the high financial risks. Suddenly, without warning, the situation reversed and homeowners have found themselves with unserviceable mortgages and loans leaving the lenders with no alternatives but the last resort —foreclosures.