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Russia's Mortgage Arrears Worsen - Paper |
28 January 2009The number of people in Russia failing to meet mortgage payments is rising, with 8% of home loans in arrears in 2008, a Russian business daily said on Wednesday.
The Kommersant daily said that in more than 10 regions across the country over 10% of mortgages are in arrears, with 5% considered a critical level. In the Saratov Region, in southern Russia, the figure has reached 30%.
"Considering that unemployment in the country is on the rise, the 50 billion rubles ($1.5 billion) allocated by the state to support mortgagors might not be enough," the business daily said.
Russia has been hard hit by the global financial crunch that was sparked by the subprime mortgage crisis in the United States last summer and quickly spread to the rest of the world.
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28 January 2009
RIA Novosti
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