High foreclosed properties demand seen

The Home Development Mutual Fund or Pag-IBIG Fund reported that it has seen higher demand for its foreclosed properties in Metro Manila from January to April this year as their total loan value rose by 9 percent.

It said that loans for the foreclosed properties in this area amounted to P2.89 billion during the period, higher than the P2.64 billion in the same months last year.

The latest figure represented 66 percent of the P4.37-billion sale of all previously foreclosed properties nationwide.

Pag-IBIG said that units sold in Metro Manila increased by 3 percent to 3,574 units from 3,457 units and nationwide, there were 5,425 units sold.

Pag-IBIG Fund deputy chief executive officer Benjamin Felix Jr. said that the foreclosed properties or acquired assets of Pag-IBIG allows borrowers to own a home at a cheaper cost.

He added that some borrowers opted for these housing units to “partly reduce their losses from inflation and secure a good location for their homes.”

Felix stressed that the loan values of foreclosed properties increased as more Filipinos prefer bigger housing units.

Data from Pag-IBIG Fund show it has over 7,000 foreclosed properties that undergo either public auctions or negotiated sales for individual and bulk buyers.

The agency’s foreclosed properties are sold lower than the real estate industry’s market values.

Pag-IBIG offers up to 30-percent discount for cash payments from individual buyers and 45-percent discount for bulk buyers.

The agency’s on-site process at its offices also ensures home-seekers are buying legally clean properties.