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Real estate foreclosures between reforms and the pandemic

Author

Listed:
  • 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)

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.

Suggested Citation

  • Marina Calanca & Luigi Cipollini & Silvia Giacomelli & Giuliana Palumbo & Giacomo Rodano, 2022. "Real estate foreclosures between reforms and the pandemic," Questioni di Economia e Finanza (Occasional Papers) 742, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_742_22
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2022-0742/QEF_742_22.pdf
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    More about this item

    Keywords

    foreclosures; civil justice reform; non-performing loans;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General

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