China Faces Soaring Home Foreclosures, Threatening Economy
- Record high foreclosures in China in 2023, up 36.7% year-over-year to 796,000 total
- 389,000 homes foreclosed, up 43%, with 99,000 sold at auction for $20.84 billion
- Declining home prices leading to worst drop in almost 9 years
- Foreclosures rising since 2020, highest now in Chongqing and Chengdu
- Developers responsible for 40% of homes have defaulted since 2021, threatening economy