Job cuts increase mortgage delinquency

The Jamaica Observer reports that mortgage lenders and real estate agents have cited the recent wave of job cuts as a contributing factor to the increased delinquency among homeowners. Jamaicas largest mortgage houses (JNBS,SJBS,VMBS,NHT) are preparing for an increase in mortgage delinquency rates, and veteran realtor William Tavares-Finson agreed that the mortgage delinquency across the industry will start to rise.

Esmond Hall predicts that there are going to be more sellers than buyers "because if there is no employment there's no financing. We're going to have about 30 to 35 per cent more people losing their homes." 

 

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