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Monday, 22 March 2010
There are more signs of a deterioration in the Jamaican economy with reports emerging of a further rise in mortgage delinquencies and foreclosures.
In recent weeks, there has been a noticeable increase in the number of real estate properties advertised in the press after their owners fell into arrears with their mortgages.
Most of the properties are located in prime commercial and residential areas in Kingston and St. Catherine.
The rise in the number of foreclosures was confirmed by Edwin Wint, President of the Realtors Association of Jamaica who spoke with RJR's Financial Report.
"There is some evidence of a rise in the number of foreclosure," he said.
Mr. Wint linked the increase in foreclosures to the deepening fallout in the Jamaican economy.
"I would think that the inability to service the mortgages coming from the economic fallout since early last year is now having some effect on the market," he said.