Increase in foreclosures in Germany: Financial experts are observing the trend and effects in the Wesel district.

Increase in foreclosures in Germany: Financial experts are observing the trend and effects in the Wesel district.

According to a report by www.nrz.de, more properties were foreclosed on across Germany last year. This trend is also evident in the Wesel district, with the exception of Moers. The main reasons for this increase are inflation, the weak economy and the housing crisis. For example, the number of foreclosures at the Rheinberg district court increased from 25 in 2022 to 50 in 2023. Similar developments were also observed at the Dinslaken and Wesel district courts.

Most of the auctioned properties were single-family homes, followed by vacant land and condominiums. The number of partition auctions has also increased, indicating that more properties are being auctioned due to community cancellations. The increased demand for foreclosures and foreclosures could be due to a weak economy, high inflation and a weak real estate market, resulting in a decline in real estate demand.

With regard to the market values ​​in foreclosure auctions, it was observed that in some cases the bids were significantly higher than the stated market value. However, this could reverse as property prices rise. It is important to note that foreclosures involve some risks, such as damage, monument protection or existing tenancy agreements are not always visible.

Overall, foreclosure proceedings take an average of nine to twelve months, which is due to difficulties in finding appointments for appraisals and inspections. Anyone interested in foreclosure auctions should therefore inform themselves well in advance and possibly attend public meetings to get to know the process.

These developments show that the real estate market in Wesel County continues to be affected by foreclosures and that real estate crises and economic problems continue to have an impact on the market. This could potentially lead to a decline in home prices and an increase in foreclosures. It is important to keep an eye on developments and to be well informed before becoming interested in a foreclosure auction.