Foreclosed Homes for Sale in Spain May Triple in 2011
By Sharon Smyth – Nov 25, 2010 8:58 AM GMT+0100
The number of foreclosed homes for sale in Spain may triple next year as new accounting rules prompt lenders to dump their depreciating assets, according to the co-founder of a website that advertises repossessed properties.
About 100,000 houses and apartments owned by banks are now on the market, Fernando Acuna said in an interview. A quarter of them are listed on the website operated by his Madrid-based company, Pisos Embargados de Bancos, on behalf of 25 banks.
….About 280,000 people in Spain will lose their homes this year, according to Spanish consumer protection association ADICAE.