Household Debt Hits New Record of 1,896 Trillion Won…Mortgage Loans Alone Up 16 Trillion Won in Q2
In the second week of August, apartment prices in Seoul rose by an average of 0.32%, marking the largest increase in nearly six years and eleven months. In the second week of August, apartment prices in Seoul rose by an average of 0.32%, marking the largest increase in nearly six years and eleven months. According to the Korea Real Estate Agency, as of August 12, the average selling price of apartments in Seoul increased by 0.32%, continuing a 21-week upward trend. This represents a 0.06 percentage point increase compared to the previous week (0.26%). This is the highest rate of increase since the second week of September 2018 (0.45%). In the second quarter of this year, household debt (household credit) increased again, setting a new record for the highest amount ever. This surge is attributed to the expectations of a drop in interest rates and rising housing prices, leading to a significant increase in household loans, especially mortgages. According to the Bank of Korea's '2...