Number of unsold houses hits record high in March

SEOUL, May 15 (Yonhap) -- The number of unsold houses in South Korea hit a record high in March, affected by an economic slump, a government report showed Friday.

According to the report by the Ministry of Land, Transport and Maritime Affairs,
the number of newly-built unsold houses came to 165,641 units at the end of
March, up 2.3 percent form a month earlier.
This marked the highest since 1993 when related data started to be compiled.
The number has been on the rise since reaching an all-time high in November when
it grew to 162,570 units. It grew further to a new record high of 165,599 in
December before declining during the first two months of this year.
The increase comes as the nation's economy is in a slump due to the global
financial turmoil and resulting economic recessions worldwide that started last
year.
Much of the increase was reported in Seoul and its surrounding region where
28,600 houses remained unsold, up 3,415 from a month earlier, the report showed.
kokobj@yna.co.kr
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