Police said Friday they have arrested 78 people in a massive housing rental scam that caused a combined unpaid sum of 8 billion won ($6.5 million) in deposits belonging to dozens of tenants.
Troubles in the real estate market are spilling over into other parts of the economy, with property agents, interior design businesses and movers feeling the effects of the downturn.
Outstanding floating rate jeonse loans totaled 151.5 trillion won ($105.6 billion) as of the end of last year, 93.5 percent all jeonse loans, according to the Financial Supervisory Service's data on Tuesday.
Apartment prices in Seoul dropped at the fastest pace in more than three years as interest rates rise at a rapid pace in Korea and globally. Prices of apartments in Seoul fell by 0.11 percent in the fourth week of August, ...
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