250 families a week lose homes

IT LOOKS as if South Africa’s political and economic turmoil will keep the auction industry busy selling repossessed property.

Neil Roets, CEO of the company Debt Rescue, says more than 250 South African families are losing their homes every week to sales in execution because of being in arrears with their bond repayments.

Roets said it was significant that now not just poorer people but middle class people and the well-heeled as well were struggling financially.

“It is also not limited to a specific age group although the 18 to 35-yearold group is showing a slightly higher rate of distress.”

According to Johan Muller, MD of Problem Bond South Africa, the problem of homes being sold in execution was growing.

“If the unstable political situation in South Africa persists, we expect many more homeowners to default on bond repayments, with a strong possibility of ultimately having their properties sold out from over them.” – Auctions Reporter