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Tidal wave of repossessions in 2010
Not sure how many of you read Mark Stucklin's excellent website on Spanish property, but an interesting article today which bears a bit of thought and also rings true with some info I had heard previously from spanish bank employees.
Having called CAM regarding a repo property 8 months back, I found myself speaking to an English employee who basically told me that the banks were taking between 1-2 years to get the repo properties onto the market, she said that was all hush-hush but internally they reckoned that CAM had close to 25000 repo properties coming to market and expected more. This was 8 months ago.
Not sure if i'm understanding that article completely, but interesting if banks have to write off 50% of the asset value if it doesnt sell at auction.
Can anyone dig out the article in publico it refers to and translate?
Having called CAM regarding a repo property 8 months back, I found myself speaking to an English employee who basically told me that the banks were taking between 1-2 years to get the repo properties onto the market, she said that was all hush-hush but internally they reckoned that CAM had close to 25000 repo properties coming to market and expected more. This was 8 months ago.
Not sure if i'm understanding that article completely, but interesting if banks have to write off 50% of the asset value if it doesnt sell at auction.
Can anyone dig out the article in publico it refers to and translate?
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Can you write the url like wwwdotblahblahdotcom??
lets have a go...Can you write the url like wwwdotblahblahdotcom??
wwwDOTspanishpropertyinsightDOTcom/buff/2010/01/11/tidal-wave-of-repossessions-in-2010/
or
www DOT spanishpropertyinsight DOT com/buff/2010/01/11/tidal-wave-of-repossessions-in-2010/
I read a similar article called "The coming housing crisis in Spain" on the 7th Jan. It also highlighted changes in the Bank of Spain's rules with regards to repossessed properties and a BBVA forecast that Spanish property prices would fall on average by 12% this year (higher than the 9% suffered this year). Up until now many banks have been happy to sit on growing portfolios of repossessed properties but the rule changes (insisting they downgrade their internal valuations of these properties) mean they might now be tempted to dump them on the market. It's only one opinion; one factor among many. Many other forecasts are for a steady, bottoming out in prices.
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