Distressed property listing up in ireland, spain, south africa and the us

Ireland, South Africa, the US and Spain have seen the largest increase in distressed property listings in the first three months of the year, according to the latest index from the Royal Institution of Chartered Surveyors.

Its Global Distressed Property Monitor shows that while over half of the countries surveyed saw a moderation in the pace of listings, economic recovery poses new risks in the shape of rising interest rates in many markets.

Agents continue to be relatively pessimistic about commercial property for the coming quarter and two thirds are expecting an increase in distressed listings in the second three months of 2011, with half of these expecting levels to rise at a faster pace.

The survey, which covers trends in 25 commercial property markets across the globe in property that is under a foreclosure order or is advertised for sale by its mortgagee, also found that the largest decrease in distressed property is in Poland, Russia, Canada and Brazil.

Source: PropertyWire.com