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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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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