Increase In Homes Sold Off Because Of Debt

The recession has caused a dramatic increase in the number of homes sold off at auction by the Swedish Debt Enforcement Authority.

The Swedish Enforcement Authority says since Spring 2008 and the subsequent downturn in the economy, the number of properties owned by people unable to pay their debts and sold at its executive auction has increased by almost 70 percent.

Bengt Eko from the authority's office in Jönköping told Swedish Radio that the increase is down to the state of the Swedish economy.

"It is obvious that we are living in bad times. Job losses are increasing and people are struggling."

During the period January -May 2009, 187 homes were sold by executive auction, an increase of almost 70 percent on the same period last year.