COTD: Non-landed homes drive residential mortgagee listings in Q3

All 19 listings were non-landed homes.

Residential mortgagee listings dropped to 19 in Q3 2024 from 24 in the preceding quarter.

According to Knight Frank, all listings this quarter were from non-landed homes. 

In Q2, 20 non-landed and four landed homes were listed for rescind.

Meanwhile, the nine commercial mortgagee listings in Q3 only comprised retail shops.

The commercial listings in Q3 were four more than the five retail shop listings in Q2 but one fewer than the single office mortgagee sale listing.

Industrial mortgagee listings in Q3 were 12, unchanged from Q2.

Overall, Knight Frank said mortgagee listings eased despite ongoing credit stress on underperforming properties due to high interest rates.

“Perhaps with the arrival of a long-awaited interest rate cut by the US Federal Reserve (Fed) and the likelihood of reducing interest rates in the months ahead, property owners were motivated by a knee-jerk reaction to make good on non-performing loans with the promise of relief in sight,” the expert added.