Real estate foreclosures between reforms and the pandemic

Marina Calanca (), Luigi Cipollini (), Silvia Giacomelli (), Giuliana Palumbo () and Giacomo Rodano ()
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Marina Calanca: Ministero della Giustizia
Luigi Cipollini: Ministero della Giustizia
Silvia Giacomelli: Bank of Italy
Giuliana Palumbo: Ministero della Giustizia
Giacomo Rodano: Bank of Italy

No 742, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: The paper describes how the real estate foreclosure process worked in the period 2014-21. It analyses the effects of the main regulatory changes adopted in recent years to improve their management (Decree Law 83/2015, Decree Law 59/2016, and the 2017 guidelines issued by the High Council of the Judiciary). The paper documents that: i) the number of pending procedures decreased by 39 per cent, due to the combined effect of a reduction in the number of foreclosures initiated and an increase in the number of procedures terminated; ii) the regulatory changes fostered a significant reduction in the time necessary to settle the phases in which it is currently possible to make quantitative assessments (the median duration of the pre-sale and sale phases were shortened by almost 25 per cent and 50 per cent respectively).The improvements appear to be permanent: after lengthening during the most acute phase of the COVID-19-induced health crisis, the duration of all the phases has returned to pre-pandemic levels.

Keywords: foreclosures; civil justice reform; non-performing loans (search for similar items in EconPapers)
JEL-codes: G21 K10 K40 (search for similar items in EconPapers)
Date: 2022-12
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