Here is the Korean reading lesson in HTML format:
1. Introduction to the text
This article discusses the rise in court-ordered auctions of apartments and commercial properties in South Korea due to the financial pressures faced by borrowers who took out loans during the low-interest rate period but are now struggling to make payments as interest rates have risen.
2. Vocabulary
| Korean Word | Romanization | English Meaning | Contextual Example |
|---|---|---|---|
| 있다 | itda | to exist, to be | The number of court-ordered auctions of apartments and commercial properties has increased. |
| 대출 | daecheol | loan | Borrowers who took out loans during the low-interest rate period are now struggling to make payments. |
| 경매 | gyeongmae | auction | The number of court-ordered auctions of properties has increased. |
| 받은 | batdun | to receive | Borrowers who took out loans during the low-interest rate period are now struggling to make payments. |
| 금리 | geumri | interest rate | As interest rates have risen, the repayment burden on borrowers has increased. |
3. The main text in both Korean and English
지난 11월까지 전국에서 법원 경매에 나온 아파트와 상가가 크게 늘었다. 저금리 기간 동안 무리한 대출을 받은 채무자들이 금리 상승으로 더 이상 버티지 못하고 있기 때문이다.
The number of court-ordered auctions of apartments and commercial properties across the country has increased significantly until November. This is because borrowers who took out excessive loans during the low-interest rate period are no longer able to keep up with the payments as interest rates have risen.
10일 법원 등기정보광장에 따르면 올해 1월부터 11월까지 전국에서 임의경매개시결정 등기가 신청된 집합건물(아파트·오피스텔·상가 등)은 총 4만5324건으로 집계됐다. 이는 지난해 같은 기간 3만7700건보다 20% 이상 증가한 수치다.
According to the Court Registration Information Center, the number of court-ordered auctions of collective buildings (apartments, officetel, commercial properties, etc.) registered in the country from January to November this year was a total of 45,324 cases. This is a more than 20% increase from the 37,700 cases during the same period last year.
임의경매는 부동산을 담보로 돈을 빌린 채무자가 일정 기간 이상 원금 및 이자를 갚지 못할 경우, 담보물권을 가진 채권자가 부동산을 법원 경매에 넘기는 절차다. 코로나19 기간 경기부양을 위해 초저금리를 유지하던 미국 연방준비제도가 2022년 하반기부터 금리 인상에 나섰고, 한국도 기준금리를 올리자 대출 상환 압박이 커졌다.
Court-ordered auctions occur when a borrower who has taken out a loan secured by real estate fails to pay the principal and interest for a certain period of time, and the creditor with the collateral right puts the real estate up for court auction. During the COVID-19 period, the US Federal Reserve maintained an ultra-low interest rate to stimulate the economy, but as they began raising interest rates in the second half of 2022, and Korea also raised its benchmark interest rate, the repayment burden on borrowers has increased.
같은 기간 경기(924→1433건), 인천(234→348건)도 대폭 늘었다. 대출상환 압박이 커질 전망이다.
During the same period, the number of court-ordered auctions also increased significantly in Gyeonggi Province (from 924 to 1,433 cases) and Incheon (from 234 to 348 cases). The repayment burden on borrowers is expected to increase further.
자영업자들의 몰락도 경매 급증의 한 원인으로 지적된다. 코로나19 장기화로 매출이 감소한 자영업자들이 대출을 받았지만, 경기침체로 인해 상환이 어려워지면서 경매로 이어진 것이다.
The collapse of self-employed businesses is also cited as one of the causes of the surge in court-ordered auctions. Self-employed people who saw their sales decrease due to the prolonged COVID-19 pandemic took out loans, but as the economic recession made it difficult for them to repay, it led to auctions.
결국 이번 경매 급증은 저금리 기간 동안 무리한 대출을 받았던 이들이 금리 상승으로 더 이상 버텨내지 못하면서 발생한 것으로 보인다.
Ultimately, the recent surge in court-ordered auctions appears to be the result of those who took out excessive loans during the low-interest rate period being unable to withstand the increase in interest rates.
4. Reading comprehension questions
- What is the main reason for the increase in court-ordered auctions of apartments and commercial properties in South Korea?
- How much has the number of court-ordered auctions increased compared to the previous year?
- What is the process of a court-ordered auction?
- What other factors have contributed to the increase in court-ordered auctions?
- What is the overall outlook for the repayment burden on borrowers?
5. Cultural and historical notes
The increase in court-ordered auctions of properties in South Korea reflects the financial difficulties faced by many borrowers due to the rise in interest rates. This situation is particularly challenging for self-employed individuals and small business owners who have been impacted by the economic downturn during the COVID-19 pandemic. The government may need to consider measures to support these affected groups and prevent further deterioration of the real estate market.