Sweden edition

Payment problems plague more Swedish homeowners

Published: 5 Oct 09 08:03 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/22464/20091005/

Despite record-low interest rates, an increasing number of Swedish homeowners are having trouble paying their debts, according to a new study.

Swedish household wealth rebounds: study (24 Sep 09)
Swedish property market at ten-year low (12 Aug 09)
Swedes' unpaid debts continue to pile up (3 Jul 09)

The number of homeowners who had been reported to Sweden’s Enforcement Agency (Kronofogden) due to delinquent debt payments rose by nearly 13 percent in September compared to the same month last year, Sveriges Television (SVT) reports.

The findings, taken from a report by the Soliditet, a credit information company, also show that the number of indebted Swedes registered with the agency continues to rise.

“Now we’re in a situation with historically low interest rates. The question is what happens in a situation when rates move up and unemployment continues to rise. Our assessment is that people who own property are going to have more difficulties paying their debts in the future,” Soliditet vice president Jonas Åkerman told SVT.

In September, around 363,000 people were registered with the company as having unpaid debts, an increase of 4.2 percent compared with September 2008.

Indebted Swedes now owe a total of 63.2 billion kronor ($9 billion), a 10 percent increase from last year.

TT/David Landes (news@thelocal.se)

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20:12 October 8, 2009 by BCR

put the interest rates up damnit!!

the housing market needs to be corrected soon, or we need some serious inflation.

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