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Foreclosures rise in wake of high unemployment

Jan 06, 2010
By Ella Karapetyan

TALLINN - Home foreclosures have hit the 500 level in Estonia for 2009, according to the latest statistics. This means that more than 500 homes have been repossessed in 2009 due to unpaid mortgages, a number more than twice the amount in 2008. Hundreds of individuals and families have been forced to move out of homes as banks have moved in to take over delinquent properties. The banks have put these houses up for auction. Around 400 home repossession auctions have been ordered by Swedbank, ...

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