A famed temple in Osaka with a history going back over 1,000 years has been put up for a foreclosure auction to be held this month.
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Bids on foreclosures reach new high
Despite the pandemic, foreclosure listings across greater Tokyo are down, while bids and auction prices are up.
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Old department store in Yamagata up for foreclosure
The Onuma Department Store in Yamagata City is up for foreclosure later this month, with a minimum bid set at 186,768,000 Yen (approx. US$1.8 million). Yamagata District Court will accept sealed-bids from November 24 to December 1, with bids to be opened on December 3. The department store closed its doors in January 2020 after filing for bankruptcy, making Yamagata City the only prefectural capital in Japan to be without a department store.
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Chongryon branch in Kyoto up for foreclosure
The Kyoto branch of the General Association of Korean Residents in Japan (Chongryon), has been foreclosed on with public bidding to be held from February 13 ~ 20.
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Nagano hot spring ryokan foreclosed a second time
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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City in Kyushu buys former Yakuza office
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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City abandons foreclosure of five-storied pagoda and temple grounds
Katsuyama City in Fukui Prefecture has given up on their attempt to auction off a foreclosed pagoda and temple property due to a lack of buyers.
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End of mortgage moratorium means foreclosures set to rise
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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Foreclosures set to increase as more borrowers report difficulty making mortgage payments
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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