The Rinsenro Kashiwaya Bessou Ryokan is up for foreclosure auction for a second time, this time with a minimum bid is set at 25,168,000 Yen (approx. 230,000 USD). Bidding is open from November 29 to December 6, with the winning bid to be announced on December 11.
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Karatsu City in Saga Prefecture has purchased a former Yakuza office at a public auction. The city acquired the property at the request of both prefectural police and the prefectural bar association to prevent it from falling back into criminal hands.
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At the end of March 2013, the home loan moratorium expired, creating potential for a mortgage crisis in Japan. Households struggling to make repayments are beginning to panic as forecasts suggest interest rates are set to rise.
While banks are not likely to immediately foreclose on all late-payers, there is a chance we will see an increase in bank foreclosures on well-located properties in the later half of 2013 if land prices increase.
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The number of home-owners in Japan who are falling behind in mortgage payments and relinquishing their homes are increasing. According to the Fudosan Keibai Ryutsu Association (FKR), the number of foreclosed properties in 2010 was 51,746. This was a decrease of 7,000 from 2009, but is still at a high level.
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