00:02You're listening to AI Prism from Seoul Economic Daily.
00:38Since 2022, Korea's jaunts fraud crisis has left thousands of tenants unable to recover their deposits from landlords.
00:45That wave of disputes is now converting into court cases, while high interest rates are also pushing over-leveraged owners
00:52into default on their bank loans.
00:54At the same time, tighter mortgage rules on multi-homeowners and non-resident single-homeowners are squeezing the market from
01:01the lending side.
01:02Here's what the numbers show.
01:04Forced auction filings hit 13,068 cases through August 28, up 54.5% from a year earlier, already covering
01:1397% of last year's full-year total.
01:16Voluntary auctions triggered by bank loan defaults climbed to 18,050 filings, up 11.7% year-on-year.
01:24Combined filings reached 31,118, surpassing all of 2024's 31,063 cases in just eight months.
01:34Seoul's apartment auction win rate slid to 38.3% in July, its second straight month below 40%.
01:41President Lee's cabinet reshuffle installed a new housing minister nominee on August 30, signaling continuity on existing supply policy.
01:50Seoul's housing agency also opened its new long-term jaunts batch.
01:541,381 units priced up to 20% below market rent, for applications starting September 14.
02:01So what does this mean for buyers weighing a purchase this year?
02:05Earlier, we said Seoul's auction win rate is stuck below 40%.
02:09Here's what that actually means for you.
02:11Unsold auction inventory is piling up faster than the market can absorb it, even as trophy units still fetch near
02:18full price.
02:19For buyers, that gap points to more distressed listings sitting on the market longer, not necessarily lower prices across the
02:25board.
02:26Expect the competition to stay concentrated in a handful of sought-after buildings.
02:31What to watch?
02:33SH's screening results for the 1,381-unit jaunts batch land, October 14, with final winners named next March 5.
02:42Watch the incoming housing minister's confirmation hearing for any shift on Yongsan Park housing or Greenbelt release.
02:48And keep an eye on year-end auction totals.
02:51The current pace already threatens the 2010 record of 46,040 filings.
02:57That's today's AI Prism.
02:59Real estate.
03:00This episode was produced with AI Assistants based on Seoul Economic Daily reporting and reviewed by a human editor.
03:07AI Prism is a WANIFRA award-winning series.
03:10We'll be back tomorrow.
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