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?